Enarsa, Repsol, Sipetrol-ENAP
signed Exploration venture
Petroleumworld
CARACAS
Petroleumworld.com 02 09 06
Newly
formed Argentine oil company ENARSA signed an offshore oil exploration
accord Tuesday with r Repsol-YPF and Sipetrol Argentina, a unit
of Chile's ENAP, Dow Jones reported.
The
joint venture will explore for oil in a 14,000 square kilometer
zone in Argentine waters off the province of Santa Cruz.
The
exploration zone, is located at the mouth of the Strait of Magellan
near the Chilean border.
The
three companies will be equal partners in the project. However,
Enarsa, will only put up funds if the site proves commercially
viable.
"Sipetrol
and YPF will be responsible for contributing the necessary funds
to finance the investment corresponding to Enarsa in the exploration
phase of the area," the accord said.
"This financing will be lost if the parties decide not to
seek to commercialize the zone. If it produces a commercial discovery,
Enarsa will refund to Sipetrol and YPF the funds contributed (on
Enarsa's behalf) in the exploration phase."
Petroleumworld
02/08/06
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