Neuquen Opens Economic Bids for Rio Barrancas E&P

Argentina's Neuquen province has opened economic bids from two groups for the E&P contract on the Rio Barrancas block, the province said in a statement.

The consortium of local engineering firm Ingenieria Sima and the YPF subsidiary of Spanish oil major Repsol YPF (NYSE: REP) bid US$18.6 million. The consortium of German oil company Wintershall Energia and Argentina's Petrobras Energia (NYSE: PZE) bid US$12.2 million.

Neuquen province-controlled oil company Hidenesa will analyze the bids this month and award the contract in the first week of February, the statement said.

Hidenesa will only participate with a 10% stake if a hydrocarbons discovery is made, which would come in addition to the province's 12% royalty rate.

This tender marks the first time the framework allowing Hidenesa to back in has been used. The province also intends to use the method for the 20 areas set for tender in 2007.

Visit BNamericas to access our real-time news reports, 10-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.

Related Companies

Our Privacy Pledge

Most Popular Articles

From the Career Center
Jobs that may interest you
GIS Intern Job
Expertise: Cartography / Mapping|Landman|Modeling
Location: Eau Claire, WI
Chemicals, Sales Account Manager, Oil & Gas - Midland - Odessa TX
Expertise: Business Development|Marketing|Sales
Location: Midland, TX
Functional Consultant Job
Expertise: IT - Analysis & Management|IT - Software Development|Project Management
Location: Denver, CO
search for more jobs

Natural Gas : $3.64/MMBtu 0.27%
Brent Crude Oil : $53.93/BBL 1.83%
Light Crude Oil : $50.93/BBL 1.66%
Updated in last 24 hours