Petrobras Energia Purchases Stakes in 2 Blocks

Argentina's Petrobras Energia (PE; NYSE: PZE), a subsidiary of Brazil's federal energy company Petrobras (NYSE: PBR), has acquired stakes in the Sierra Chata and Parva Negra fields in Argentina's Neuquen province from US oil company ConocoPhillips (NYSE: COP).

PE purchased the 25.67% stake in the Sierra Chata block and a 52.37% stake in the Parva Negra block for US$77.6mn, PE said in a statement. The acquisition ups PE's stake in the blocks to 45.6% and 100% respectively.

Sierra Chata produced 2.8Mm3/d gas in 2006 and has proven reserves of 56Mboe, the statement said.

Parva Negra is directly north of Sierra Chata and has had two wells drilled that have shown natural gas potential.

Petrobras will carry out a 3D seismic evaluation study of over 420km2 of Parva Negra during 2007 and also plans to drill wells on the block.

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