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Spain's Repsol outlines $6 billion investment plan for Argentina
AFP
Barcelona
Petroleumworld.com 06 24 06
Spain's Repsol YPF plans to invest $6 billion in Argentina over
2007-2009, largely to boost oil and gas reserves that were revised
substantially downward in January, the company said late Thursday.
Of the total, $4.6 billion is earmarked for exploration and production
and $1.4 billion for refining, marketing and petrochemicals, according to a
plan presented in Madrid to visiting Argentine president Nestor Kirchner by
Repsol chairman Antonio Brufau.
Upstream, the Spanish company is to increase its focus on deep-water
exploration under previous agreements struck with Energia Argentina SA and
apply new technologies to improve recovery from older fields.
Other plans include developing heavy crude operations, particularly in
the Neuquina and Santa Cruz basins, and speeding up pilot projects aimed
at tertiary recovery and chemical injection.
Additionally, Repsol is to invest in a pilot project to determine the
viability of a Tight Gas scheme in Argentina for zones with low permeability.
On the refining and marketing side, spending will go towards modifying
refineries to process more heavy crude, raising gasoil production and
improving automotive fuel quality.
Repsol, without providing detials, said it also plans to expand its
petrochemical output and develop biodiesel projects.
In January, the company revised its proven reserves estimate for
Argentina downward to 1.855 billion barrels of oil equivalent from 2.364
billion boe, part of a broader corporate cut to 3.372 billion boe from 4.626
billion boe.For similar stories, take a trial to Platts Oilgram News at
http://www.platts.com/Request%20More%20Information/
AFP 23 06 06
Copyright ©2006 AFP. All Rights Reserved.
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