BUENOS AIRES, Jan. 29 (Xinhua) -- Pan American Energy, an Argentine-British joint venture, Tuesday gave more information about the finding of new oil and gas reserves in Argentina's southern province of Chubut.
Chubut province's Coordination Minister Norberto Yahuar said Tuesday that this new discovery, equivalent to 100 million barrels of crude oil, lengthens Argentina's reserve term from nine years to "some 22 years and three months."
Yahuar said that the oil region "had been left aside a decade ago" due to lack of exploration, but the "technology has changed" and he highlighted Pan American Energy's "formidable" work.
As Argentina's second oil and gas producer, the joint venture by Britain's BP (60 percent) and Argentina's Bridas (40 percent), also ratified in a press communique that it would invest 1 billion U.S. dollars in hydrocarbon exploration and production in this South American country.
In late 2007, Chubut province granted a 10-year extension to this oil enterprise's contract, which is to expire in 2017.
Chubut province's Coordination Minister Norberto Yahuar said Tuesday that this new discovery, equivalent to 100 million barrels of crude oil, lengthens Argentina's reserve term from nine years to "some 22 years and three months."
Yahuar said that the oil region "had been left aside a decade ago" due to lack of exploration, but the "technology has changed" and he highlighted Pan American Energy's "formidable" work.
As Argentina's second oil and gas producer, the joint venture by Britain's BP (60 percent) and Argentina's Bridas (40 percent), also ratified in a press communique that it would invest 1 billion U.S. dollars in hydrocarbon exploration and production in this South American country.
In late 2007, Chubut province granted a 10-year extension to this oil enterprise's contract, which is to expire in 2017.
