Argentina's YPF Extends Energy Deal With China's Sinopec To 2027
BUENOS AIRES, Aug 22 (Reuters) - Argentina's state energy company YPF and a subsidiary of China's Sinopec Group agreed on Friday to extend their joint oil exploration and development projects in the western Argentine province of Mendoza until 2027, YPF said.
"New projects will include 3D seismic surveying, drilling exploratory wells and reconditioning treatment and injection plants for more than $300 million," YPF said in a statement.
The Ventana area in Mendoza, a region which borders the Andes mountain range in western Argentina, is owned by YPF and produces 6,000 barrels of oil per day across 480km square.
Argentina needs to increase production in order to counter a chronic energy deficit, meaning imports exceed exports, putting pressure on dwindling foreign reserves.
(Reporting by Sarah Marsh; Editing by Diane Craft)
WHAT DO YOU THINK?
Generated by readers, the comments included herein do not reflect the views and opinions of Rigzone. All comments are subject to editorial review. Off-topic, inappropriate or insulting comments will be removed.
- China's Sinopec Plans To Build Canadian Oil Refinery (Sep 14)
- Sinopec Says Some Refineries Would Be Hit By A Halt In Iran Crude Buying (Aug 27)
- South African Watchdog Approves Glencore's Bid For Chevron Assets (Aug 23)
Company: YPF SA more info
- Vaca Muerta Shale Output Projection Revised (Oct 26)
- YPF Is Said to Shut Gas Wells as Argentine Economy Flops (Oct 02)
- Argentina's YPF Names Ex-CFO Daniel Gonzalez as New CEO (Apr 05)