Argentina's YPF, Chile's ENAP Agree Extra $200M for Offshore Gas Project

Reuters

BUENOS AIRES, Nov 17 (Reuters) - Argentina and Chile's state-run energy firms said on Monday they had agreed to invest an extra $200 million to increase natural gas production off the southern tip of South America.

The investment will help boost output from the Magellan Straits project to about 4 million cubic meters per day from the current 2.4 million cubic meters, Argentina's YPF said in a statement.

YPF and ENAP also agreed to extend the joint production deal beyond the existing August 2016 expiry date. The length of extension will depend on negotiations between YPF and the central government and YPF and the federal province of Tierra del Fuego.

(Reporting by Eliana Raszweski; Editing by Richard Lough, Bernard Orr)

Copyright 2017 Thomson Reuters. Click for Restrictions.

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