The investment will be disbursed over the course of five years to increase production in the province to 50,000 barrels a day, the statement said. A company spokesperson confirmed the investment figure and production target to BNamericas.
The minister made the announcement following a meeting with country President NÚstor Kirchner in New York.
Oxy already has invested US$3.8bn in the country.
Oxy acquired the Argentine assets of US oil company Vintage Petroleum (NYSE: VPI) in January and as a result produced 31,000 barrels a day of oil and 17 million cubic feet a day of natural gas in the first half of 2006.
Visit BNamericas to access our real-time news reports, 7-year archive, Fact File company database, and latest research reports. Click here for a Free two week trial to our Latin America Oil & Gas information service.
Most Popular Articles