Mendoza hands out E&P prizes
News agencies
Argentina's Mendoza province has handed out 11 exploration blocks, saying that
the awards will pump $291 million into the region's economy.
Argentine outfit Ketsal walked away with the lion's share of the awards, and
will spend $188 million on the seven blocks it won - Malargue, Chachauen,
Nacunan, Pampa del Sebo, Zampal, Coiron I and II and San Rafael.
Fellow local player Oil M&S won the Rio Diamante Block and has made plans to
spend about $66 million on exploration work, a provincial official told
BNamericas.
A transitory business union formed by Argentine companies Compania General de
Combustibles, Piedra del Aguila and Desarrollos Energeticos won the Los
Leones Block, which carries an investment commitment of $13.8 million.
Meanwhile, a joint venture between US player Occidental and Repsol YPF's
Argentine arm YPF will spend $12 million on the Los Tordillos Oeste Block.
Separately, YPF was awarded Payun Oeste and promised to invest $9.8
million.
Ketsal is controlled by the Vila-Manzano group which has strong ties to
Argentina's presidential family the Kirchners, according to local press
reports. Oil M&S owner Cristobal Lopez also maintains close ties to the
Kirchners, according to reports.
09 May 2008 09:01 GMT
| last updated:
09 May 2008 09:02 GMT
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