Govt: Repsol YPF Plans US$1.43bn for Neuquen in 2007-09
Spanish oil major Repsol YPF's (NYSE: REP) Argentina, Bolivia and Brazil (ABB) division plans to invest US$1.43bn in Argentina's Neuquen province in 2007-09, the provincial government said in a statement.
ABB general director Enrique Locutura met with Neuquen governor Jorge Sobisch to announce its investment plan.
Repsol YPF aims to increase its reserves and hydrocarbons output in the region through the reinterpretation of hydrocarbons-bearing basins as well as additional exploration, the statement said.
Of the total amount to be disbursed to Neuquen, US$260mn will go on exploration activities.
The total investment in the province is part of the company's US$6bn planned for Argentina over the three-year period, US$4.6bn of which will go on E&P. Neuquen will receive more than any other Argentine province.
Repsol YPF believes crude production in the country could reach 390,000b/d and gas output 62Mm3/d through the investment plan.
In 2005, Repsol YPF's net hydrocarbons liquids production in the country was 134Mb, according to the company website, or roughly 368,000b/d.
Locutura also met with Mendoza province governor Julio Cobos, announcing plans to invest US$910mn in the province in 2007-09, the province said in a statement.
Of the total, Repsol YPF will direct US$118mn toward exploration and development.
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