The agreement establishes the exchange of information related to hydrocarbons areas in the province and Sipetrol Argentina's training of personnel participating in such operations, the statement said.
Apart from this training the province will benefit through royalties and the reactivation of its local oil industry.
"Sipetrol aspires to be an important operator in the field of exploration and production in the province," Sipetrol Argentina CEO Harambour Palma said in the statement.
Sipetrol's Tierra del Fuego assets include the operation of an offshore platform in the Poseidon exploration block, which required a US$80mn investment, a hydrocarbons treatment plant (BRTF) currently undergoing a US$5mn expansion and 50% participation in the production of the Magallanes area, according to the statement.
Sipetrol also acts as operator with a 50% participation in the Magallanes area production concessions and has 50% stakes in the CAM-1 and CAM-3 exploration contracts in the Austral basin, among other Argentine assets.
Apart from Argentina, Sipetrol has operations in Colombia, Ecuador, Egypt and Iran.
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