PDVSA, Enarsa Ink Protocol Agreement

Venezuela's state oil company PDVSA and its Argentine counterpart Enarsa have signed an "execution protocol" agreement, the former said in a statement.

The agreement confirms advances made in joint projects and promises fulfillment of proposed objectives for E&P activities in Argentina plus the quantification and certification of reserves in Venezuela's Orinoco oil belt.

In addition, Argentina's federal planning ministry penned an agreement with Venezuela's energy and oil ministry committing the two "to explore alternative manners of financing necessary investments in the exploration, production and industrialization of natural gas," PDVSA said.

On a more political note, Argentina's President Nestor Kirchner and his Venezuelan counterpart Hugo Chavez signed an agreement to create a joint commission that must present a bilateral strategic alliance plan.

The plan will comprise integration efforts between the two countries as well as further integration in Latin America and the Caribbean, the statement said. The agreement stipulates the commission be formed within 60 days.

Chavez and Kirchner were meeting as part of a summit on the South American trade bloc Mercosur.

Visit BNamericas to access our real-time news reports, 7-year archive, Fact File company database, and latest research reports. Click here for a Free two week trial to our Latin America Oil & Gas information service.