Two weeks ago, Zarubezhneft signed a protocol of understanding with Argentina on the possiblity to operating on its continental self.
Photo: Reuters
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Zarubezhneft Wants on Argentine Shelf
Zarubezhneft will take part in a tender for a non-controlling package in one of four plots that will be sold this year by the Argentine state company Enarsa (Energia Argentina SA). Exploration of the plots are at the very initial stages and it is not yet even known whether there is oil or gas on the site. Enarsa owns 62 blocks.
Foreigners – Spaniards, Brazilians and Chileans – are already working on three of them. Argentina has proven reserves of 341 million tons of oil and produces 33 million tons per year. Ensara will retain a 51-percent share in the lots it sells this year.
If Zarubezhneft wins the competition, it will be required to invest significant funds in exploration and development and those costs are growing quickly. The cost of rental of a drilling rig is $400,000 per day. Zarubezhneft may also experience a conflict of interests with China, which is in intensive negotiations with Argentina over the same competition.
www.kommersant.com
All the Article in Russian as of Feb. 11, 2008
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