Argentina Okays 'Gas Plus' Sales for Oxy

BUENOS AIRES (Dow Jones)

Argentina's government on Monday authorized Occidental Petroleum Corp. (OXY) to sell natural gas at higher-than-normal rates under the "Gas Plus" program, according to the official gazette.

The authorization applies to Occidental's Sur Piedra Clavada gas field at the San Jorge basin in the southern province of Santa Cruz.

The Gas Plus program aims to give companies a financial incentive to explore for gas by allowing them to charge higher rates for gas from new discoveries.

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