Rio Negro Inks Exploration Concession Contracts

The governor of Argentina's Rio Negro province, Miguel Saiz, has signed exploration contracts with four hydrocarbons companies to explore four areas of the province, the provincial government said in a statement.

Specifically, the province awarded the Laguna El Loro block to US oil company Cliveden, the Laguna de Piedra block to Korean oil firm Golden Oil, the Loma de Kauffman block to Argentine oil firm Interenergy and the Cinco Saltos block to Argentine oil firm Pluspetrol.

"We closed the first round of bidding by signing the contracts today," Saiz said in the statement.

Estimated investment in the four blocks is expected to reach US$80mn in total over two years.

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