Enap & YPF Firm Up $165m Offshore Contract

Source: www.gulfoilandgas.com 1/13/2016, Location: South America

The Argentine government announced Administrative Decision No. 1 whereby the national government extended for 10 years the concession hydrocarbon exploitation YPF remains in the offshore (offshore) Magallanes area, located Marina Austral Basin in the neighboring country, in which the National Petroleum Company (ENAP) is associated.

The Exploitation Concession Area comprises three licensors Magallanes jurisdictions: Province of Santa Cruz, Tierra del Fuego Province and Federal Government, involving a Offshore operation operated by ENAP Sipetrol Argentina, a subsidiary of the state oil company, which operates oil and gas fields in the trans-Andean country.

This Administrative Decision allows the extension of the Magallanes Exploitation Concession Area by National State until 2027. As a result, both companies will realize the Incremental Project Magellan (PIAM) area, through which it seeks to optimize production considerably Existing reserves of gas and oil to a lesser extent, involving an overall plan investments of over US $ 165 million.

In this regard, the chief executive of ENAP, Marcelo Tokman, said that "the extension is an endorsement to the joint work we have been developing with YPF in the Cuenca Marina Austral. This new impetus allows us to continue with the planned in Argentina and advance our Strategic Plan 2025 investments, which seeks to increase production of oil and gas in Magallanes area, to give sustainability to the business in the long term. "

Meanwhile, the manager of ENAP Sipetrol Argentina, Martin Cittadini, welcomed this milestone for the company. "It's a sign of confidence that allows us to continue managing a sustainable business that contributes to the development of hydrocarbons in Argentina and to carry ENAP to strengthen its portfolio of assets," he said.

Since YPF and ENAP signed in 1991 by the respective Joint Venture (JV) Agreement, both companies have a 50% on hydrocarbon production obtained in Magallanes area. In November 2014, the two companies agreed to extend the joint venture contract, keeping both oil evenly participation in the Magallanes area.


China >>  8/17/2022 - In Well Long 46 in Well 150, Ordos Town, three researchers from Liaohe Oilfield Exploration and Development Research Institute were carefully analyzin...
India >>  8/17/2022 - ExxonMobil and the Oil and Natural Gas Corporation (ONGC) have signed a heads of agreement (HoA) for deepwater drilling off the east and west coastlin...

Morocco >>  8/9/2022 - Sound Energy, the transition energy company, is pleased to provide an update on the Phase 2 development financing of its Tendrara Production Concessio...
United Kingdom >>  8/8/2022 - The Operator of PEDL241, Egdon Resources U.K. Limited, has filed an appeal on behalf of the Joint Venture partnership against Lincolnshire County Coun...

Sudan >>  8/1/2022 - Firstly, I would like to start with an apology for the late delivery of the latest quarterly CATFLAP. We have been busy working on a number of opportu...
Colombia >>  7/29/2022 - Petrobras confirms the discovery of natural gas accumulation in the Uchuva-1 exploratory well, drilled in deep waters of Colombia, 32 kilometers off t...

Related Categories: Camp Building  Cleaning Equipment, Services  Communication  Corrosion Products/Services  Development  Exploration  Food Supplies  General  Labor Services  Land & Leasing  Mine Clearance  Oil & Gas Companies  Production  Service Companies  Skilled Labors  Transportation, 4X4 Trucks  Unskilled Labors  Utility Systems  Waste Disposal  Water Supply Services  Welding Products/Services 

Related Articles: Camp Building  Cleaning Equipment, Services  Communication  Corrosion Products/Services  Development  Exploration  General  Labor Services  Land & Leasing  Mine Clearance  Oil & Gas Companies  Production  Service Companies  Skilled Labors  Transportation, 4X4 Trucks  Utility Systems  Waste Disposal  Water Supply Services  Welding Products/Services 


Gulf Oil and Gas
Copyright 2021 Universal Solutions All rights reserved. - Terms of Service - Privacy Policy.