BUENOS AIRES, Oct 23 (Reuters) - France's Total said on Wednesday it is investing $850 million to develop a deep water natural gas field off the southern coast of Argentina with German firm Wintershall and local company Pan American Energy.
The Vega Pleyade field is located in South Atlantic waters near the Patagonian province of Tierra del Fuego, Total said in a public presentation in Buenos Aires.
The field is expected to start producing toward the end of 2015, said local Total official Javier Rielo.
The project's first stage includes three wells that should at first produce 6 million cubic meters of gas per day, or about 5 percent of the South American country's current output, before expanding to a maximum 10 million cubic meters per day.
Separately, Argentina's state-run energy firm YPF has picked BP to supply the bulk of its liquefied natural gas (LNG) needs in 2014 and 2015 following a major recent tender, a source with direct knowledge of the deal said.
South America's No. 3 economy last month launched its annual tender to secure approximately 5.57 million tonnes of LNG over the 2014-2015 period to help cover its energy needs.
(Reporting by Karina Grazina; Editing by Joseph Radford)
Copyright 2016 Thomson Reuters. Click for Restrictions.
WHAT DO YOU THINK?
Click on the button below to add a comment.
Generated by readers, the comments included herein do not reflect the views and opinions of Rigzone. All comments are subject to editorial review. Off-topic, inappropriate or insulting comments will be removed.
Most Popular Articles
From the Career Center
Jobs that may interest you