Chile's ENAP Recovers Revoked Argentine Concession
June 01 2012 - 2:38PM
Dow Jones News
Chile's state-owned oil and gas company Empresa Nacional del
Petroleo SA, or ENAP, recovered the Southern Argentine concession
revoked in March by Chubut province, ENAP said in a statement
Friday.
ENAP lost the Campamento Central-Canadon Perdido oil field
because the field's operator and ENAP's partner in Argentina, the
then-privately held oil company YPF SA (YPF, YPFD.BA), was at odds
with the Argentine government, which argued the field lacked
investment.
The dispute between Argentina's government and YPF ended with
President Cristina Kirchner decreeing the expropriation of YPF from
Spain's oil company Repsol YPF SA (REPYY, REP.MC).
ENAP's international unit, Sipetrol Argentina SA, holds 50% of
the Campamento Central-Canadon Perdido oil field, with YPF holding
the remainder.
The field produces 5,000 barrels a day, and ENAP invested $47
million in it as of Sept. 30, 2011.
ENAP Sipetrol Argentina holds another three Southern Argentina
concessions, which it is currently exploring.
-By Graciela Ibanez, Dow Jones Newswires; 56-2-715-8929;
graciela.ibanez@dowjones.com
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