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

Contracts

Yachting Malta PPP Sets Sail

Yatching Malta Ltd (YML) - a new public private partnership (PPP) between the government and the Royal Malta Yacht Club (RMYC) was formed with the aim of putting Malta on "the global yachting map".

Carnival to Add Nine Ships to Cruise Fleet

Carnival Corporation enters into strategic partnerships to add nine cruise ships to its fleet over a four-year period starting in 2019; shipbuilders Fincantieri

'Run to Remember' by USCG Foundation

The Coast Guard Foundation, a non-profit organization committed to the education and welfare of Coast Guard members and their families, announced this year’s

Energy

GAIL Seeks 7 LNG Cargoes

GAIL (India) will buy seven liquefied natural gas (LNG) cargoes for delivery from October 2015 until December 2016, according to the tender document obtained by Reuters.

SAL Heavy Lift Performs Offshore Windfarm Work

MV Lone proves as project platform for Wikinger wind farm   SAL Heavy Lift informs it has completed the second phase of the Wikinger Pile Testing Campaign with DP II Class vessel MV Lone.

Huge Heavy Lift Project Wraps up in Colombia

Mammoet concludes multi-year heavy lifting and transport project for refinery in Cartagena, Colombia   Mammoet USA informs it has completed a heavy lifting and

News

Indonesia Partners with China on Maritime

Indonesian President Joko “Jokowi” Widodo and Chinese President Xi Jinping pledged increased maritime cooperation during the formers visit to China.   The joint

China Strengthens Maritime Ties with Pak

The Vice Chairman of China's Central Military Commission General Fan Changlong has pledged to deepen maritime security and military technology cooperation during

Cruise Giant Carnival to Expand its Fleet

The world's largest cruise ship company Miami-based Carnival Corp. has signed agreements with German and Italian ship builders to build nine new ships over a four-year period, starting in 2019.

 
 
Maritime Careers / Shipboard Positions Maritime Contracts Maritime Security Maritime Standards Navigation Pipelines Pod Propulsion Port Authority Ship Simulators Shipbuilding / Vessel Construction
rss | archive | history | articles | privacy | terms and conditions | 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: 0.2138 sec (5 req/sec)