Pan American Energy to Invest $1.4B in Argentina this Year

Reuters

BUENOS AIRES, July 14 (Reuters) - Pan American Energy LLC , a unit of BP, is planning to invest $1.4 billion in Argentina's biggest oil field and other areas this year, two sources said on Thursday.

The sources spoke on condition of anonymity and said President Mauricio Macri and company executives planned to make an official announcement later on Thursday.

Pan American operates in four hydrocarbon basins in Argentina, including the South American country's most productive oil field Cerro Dragon.

One source said the investment would be in Cerro Dragon and in the provinces of Neuquen and Tierra del Fuego.

Pan American extracts shale gas in the province of Neuquen and started exploring for unconventional oil there in 2011.

The company has reported a 34 percent rise in its oil output in Argentina from 2001 and 2015, bringing it to 108,000 barrels per day. Its production of gas rose 67 percent to 19 million cubic meters per day in the same period.

(Reporting By Eliana Raszewski, Additional Reporting by Nicolas Misculin, Writing by Mitra Taj; editing by Grant McCool)

Copyright 2016 Thomson Reuters. Click for Restrictions.

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