Repsol YPF Plans US$611mn for Chubut in 2007-09

Spanish oil major Repsol YPF (NYSE: REP) plans to invest 1.9bn pesos (US$611mn) in Argentina's Chubut province from 2007-09, the province said in a statement.

The new investment projection for Chubut would represent roughly double the company's current annual investment of US$100mn in the province.

The majority of the new investment would be for offshore E&P in the Golfo San Jorge basin, the statement said.

The company also will invest in "individual investment projects," one of which appears "very promising for increasing the company's reserves" in the province, general director of Repsol YPF's Argentina, Bolvia and Brazil (ABB) division Enrique Locutura said in the statement.

Repsol YPF already has presented the project to Chubut's provincial government, according to the statement.

A spokesperson from Repsol YPF's ABB division declined to comment on the project when contacted by BNamericas.

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