Oxy Plans US$1bn Santa Cruz Investment Over 5 Years

US oil company Occidental (NYSE: OXY) will invest US$1bn in Argentina's Santa Cruz province, Argentina's federal planning minister Julio de Vido said in a ministry statement.

The investment will be disbursed over the course of five years to increase production in the province to 50,000 barrels a day, the statement said. A company spokesperson confirmed the investment figure and production target to BNamericas.

The minister made the announcement following a meeting with country President Néstor Kirchner in New York.

Oxy already has invested US$3.8bn in the country.

Oxy acquired the Argentine assets of US oil company Vintage Petroleum (NYSE: VPI) in January and as a result produced 31,000 barrels a day of oil and 17 million cubic feet a day of natural gas in the first half of 2006.

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