ChevronTexaco Awarded Exploration Permit in Argentina

ChevronTexaco has been granted permission explore the Canadon del Puma area in Neuquen after the company agreed to invest $8.42 million to explore for new reserves, Neuquen oil regulators said. ChevronTexaco's Petrolera San Jorge oil investment arm beat rival bidder Petrobras. ChevronTexaco's win is a blow for the Brazilian company, which is seeking oil reserves to process at its refinery in Argentina.

Last month, Neuquen province, host to all of the country's oil and natural gas reserves, awarded the Bandurria tract to a consortium made up of Repsol YPF, TotalFinaElf, BP, and Wintershall Energy. The oil companies said they would spend approximately $26 million in upstream activities at Bandurria.


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