Brazilian state oil company Petrobras is going to invest $1.4 billion in Argentina
Brazilian state-run oil company Petrobras is going to invest $1.4 billion in Argentina through 2007, most of which would be dedicated to exploration and production of oil and gas.
The investment plan, which includes exploration projects offshore Argentina, is aimed at increasing hydrocarbon reserves and production, the company said in a statement.
Since 2002, the oil giant has invested $542 million in Argentina, the company's largest recipient of investment funds outside Brazil.
Petrobras said it currently operated in 18 exploration zones, including those pending government approval, compared with five in 2002.
The company plans to have 530 producing wells by year-end 2004.
Regarding offshore exploration, Petrobras has bid on two deep-water zones off the coast of the Argentine resort of Mar del Plata that are pending government approval.
