Pluspetrol Ups Investment in Entre Rios Well to US $32mn

Argentine oil company Pluspetrol plans to increase investment in its Rosario del Ingre X-1 well in Bolivia to US$32mn from US$25mn to drill to a greater depth than originally planned, local press reported.

The increased investment will be used to drill the well to 4,500 meters, according to technical reports cited in local press, with the expectation of discovering another "mega field" of hydrocarbons in Bolivia.

Pluspetrol started drilling on the Rosario del Ingre field in the Entre Ríos block of Bolivia's Chuquisaca department in late 2004.

Pluspetrol is the operator of the block with a 40% stake, while Brazil's federal energy company Petrobras has 60% through a farm-in agreement signed in April 2005, local press reported.

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