PE, Fomicruz Ink Gas Exploration Deal
Petrobras Energia (PE), the Argentine subsidiary of Brazilian federal energy company Petrobras (NYSE: PBR), and Santa Cruz province mining promotion office Fomicruz have signed a contract creating a JV to explore for gas in the province.
The Union Transitoria de Empresas JV will explore for gas in the Glencross and Estancia Chiripa, PE said in a statement.
The development of both areas will require US$420 million in coming years to produce up to an estimated 6Mm3/d.
PE, which already has invested US$5.5 million on seismic work, will control 87% of the JV and Fomicruz the remainder. Drilling is expected to begin by year-end.
Visit BNamericas to access our real-time news reports, 10-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.
Operates 34 Offshore Rigs
Manages 10 Offshore Rigs
- Exxon, Petrobras Form Alliance To Develop Oil, Gas Projects (Dec 14)
- Natural Gas In Petrobras Pipelines Up About 23% In 2017 (Dec 05)
- Petrobras CEO Says To Discuss Refining Partnership With CNPC CEO (Nov 15)