New oil reserves found in Argentina

[Judi Lynn]

The Associated Press January 29, 2008, 4:02PM ET
New oil reserves found in Argentina
BUENOS AIRES, Argentina

Pan American Energy, Argentina's second-leading oil producer, said Tuesday it has found 100 million barrels in new oil reserves at a Patagonian field, marking a slight boost for the nation.

The upgrade was announced only hours after President Cristina Fernandez met with energy executives to discuss the new find at the Cerro Dragon field in Chubut province.

The company, which is controlled by British Petroleum and the Argentine group Bridas, said the additional oil was identified in the northern and central areas of Cerro Dragon, where operations began about five decades ago.

The discovery comes at a time of steadily declining reserves for energy-hungry Argentina. Analysts said it is expected to become a net importer of oil within about a decade and the new find is not expected to delay that day by many months.

More:
http://www.businessweek.com/ap/financialnews/D8UFP9V80.htm

[Judi Lynn]

1. Firm announces new oil, gas finds in Argentina

Firm announces new oil, gas finds in Argentina
Tuesday, January 29, 2008; Posted: 02:57 PM


Buenos Aires, Jan 29, 2008 (EFE via COMTEX) -- PAEYE | news | PowerRating | PR Charts -- Pan American Energy on Tuesday informed the Buenos Aires Stock Exchange of its discovery of new oil and gas reserves in southern Argentina equivalent to 100 million barrels of crude.

The company, a 60-40 joint venture of BP and Argentina's Bridas, also said in a press release that it will invest $1 billion in the exploration and production of hydrocarbons in the country.

The new reserves were found in the Cerro Dragon concession area in the Patagonian province of Chubut, Argentina's leading oil-producing region.

Pan American Energy "has consolidated itself as Argentina's second-leading oil and gas producer," the company, which also operates in Bolivia and will begin to do so in southern Chile's Magallanes Region, said in the press release.

More:
http://www.tradingmarkets.com/.site/news/Stock%20News/1040169/