PE, Fomicruz Ink Gas Exploration Deal

Petrobras Energia (PE), the Argentine subsidiary of Brazilian federal energy company Petrobras (NYSE: PBR), and Santa Cruz province mining promotion office Fomicruz have signed a contract creating a JV to explore for gas in the province.

The Union Transitoria de Empresas JV will explore for gas in the Glencross and Estancia Chiripa, PE said in a statement.

The development of both areas will require US$420 million in coming years to produce up to an estimated 6Mm3/d.

PE, which already has invested US$5.5 million on seismic work, will control 87% of the JV and Fomicruz the remainder. Drilling is expected to begin by year-end.

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