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 Today


The Maritime Industry's original and most viewed E-News Service

Maritime Reporter June 2016 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

Contracts

Panama Opens Canal Extension Amid Risk, Cost Issues

Panama opened the long-delayed $5.4 billion expansion of its shipping canal amid cheering crowds on Sunday, despite looming economic uncertainty in the shipping

Wärtsilä to Power Two Indian Dredgers

Wärtsilä has won an order for two new 8000m3 trailing suction hopper dredgers being built for the Adani group, India's largest private multi-port operator. The

ABP orders Two Gottwald cranes

Terex Port Solutions (TPS) has received an order from Associated British Ports (ABP) for two electric Terex Gottwald Model 8 portal harbour cranes in the G HSK 8424 B four-rope grab variant.

News

Morocco Sells 40% Stake in Port Operator in IPO

The Moroccan government raised 1.94 billion dirhams ($197 million) by selling a 40 percent stake in state-owned port operator Marsa Maroc in the country's first initial public offering this year,

BigLift Shipping Expands Heavy Lift Fleet

BigLift Shipping said it has ordered a third Happy S-type vessel. The new build vessel, to be named Happy Sun, will be identical to BigLift’s Happy Star and will

Panamax Vessel Demand Keeps Baltic Index Up

The Baltic Exchange's main sea freight index, tracking rates for ships carrying dry bulk commodities, rose on Monday for a fourth straight session as higher demand

 
 
Maritime Contracts Maritime Security Maritime Standards Pipelines Port Authority Salvage Ship Electronics Ship Repair Sonar Winch
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: 0.1098 sec (9 req/sec)