Pagoreni is known as Camisea 2 and its developers are the same for Camisea: Pluspetrol owns 26%, US company Hunt Oil holds 36%, Argentina's Tecpetrol and Algeria's Sonatrach each have 10% and South Korea's SK Corporation has 18%.
The consortium has completed 363 sq km of 3D seismic in the first stage of development, which concludes in September, newspaper Gestion reported.
The consortium plans to invest some US$700mn in the subsequent stages, Pluspetrol CEO Norberto Benito reportedly said.
Eventual production - expected at levels of 600 million cubic feet of gas a day - would be directed to the Malvinas gas processing plant and from there to an liquefied natural gas (LNG) liquefaction plant for export to North America.
The Pangoreni field reportedly has 3 trillion cubic feet of gas reserves.
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