YPF Oil Extends Operating Agreement with Sinopec to 2027

Posted by Joseph R. Fonseca
Saturday, August 23, 2014

 

Argentina's state oil company YPF agreed Friday to extend its operation until 2027 in partnership with a local unit of China's Sinopec oil in an area of ​​a province in the center-west of the country, which represent an investment of $ 300 million, the company said in a statement.

The new agreement between the two firms, whose contract expired working together in late 2016, provides for a change in the participation of society, with 70 percent by YPF and 30 percent for Sinopec Argentina versus ratio prior 60-40.

It is the exploration and development in the productive area La Ventana, located in the province of Mendoza Argentina and has an area of ​​480 square kilometers. The area currently produces about 6,000 barrels a day.

"Both companies seek to boost new projects including the completion of 3D seismic, drilling of exploratory and development wells and the construction and refurbishment of treatment plants and injection of more than 300 million dollars," YPF said in a note released Friday.

Sinopec Argentina Exploration and Production Inc. is a subsidiary company of Chinese state company formally known as China Petroleum & Chemical Corp, which is the largest oil refinery in Asia.

YPF is focused mainly on the development of unconventional oil in the Patagonian Vaca Muerta formation, an area that could house one of the largest oil and gas reserves in the world and for whose development requires 250,000 million dollars, according to private estimates.

(Reporting by Maximiliano Rizzi, editing by Tim Pearce)

Maritime Reporter April 2015 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

Contracts

SAAM SMIT Towage Brazil Signs on with Helm

Helm Operations has signed on Brazilian harbor services company SAAM SMIT Towage to its Helm Marine Operations software to manage its billing and dispatch.    SAAM

Siemens Wins Vessel Electrical Installation Contract

Nautilus Minerals Inc. announces that the order for the supply of the entire electrical installation for the production support vessel has been awarded to Siemens International Trading (Shanghai) Ltd.

New Domestic Ferry for Faroe Islands Service

Third generation domestic ferry for service between Nólsoy and Tórshavn in the Faroe Islands.   According to the vessel's designer, this project is the second

News

SAAM SMIT Towage Brazil Signs on with Helm

Helm Operations has signed on Brazilian harbor services company SAAM SMIT Towage to its Helm Marine Operations software to manage its billing and dispatch.    SAAM

Siemens Wins Vessel Electrical Installation Contract

Nautilus Minerals Inc. announces that the order for the supply of the entire electrical installation for the production support vessel has been awarded to Siemens International Trading (Shanghai) Ltd.

Delivery Begins for HMS Prince of Wales Bridge

The bridge section of the U.K.’s second Queen Elizabeth Class aircraft carrier has been loaded out of its dock hall in Glasgow ahead of its first sea voyage to Rosyth.

 
 
Maritime Contracts Maritime Standards Naval Architecture Offshore Oil Pod Propulsion Port Authority Salvage Ship Electronics Ship Simulators Sonar
rss | archive | history | articles | privacy | contributors | top maritime news | about us | copyright | maritime magazines
maritime security news | shipbuilding news | maritime industry | shipping news | maritime reporting | workboats news | ship design | maritime business

Time taken: 0.1565 sec (6 req/sec)