Pan American to invest in Argentina

BUENOS AIRES, July 15, 2016 – BP unit Pan American Energy will be investing almost USD 1.5 billion in developing Argentina’s oil and gas resources, the company said late on Thursday, including unconventional oil and shale gas.

Of the USD 1.4 billion slated for investment, Pan American Energy has earmarked USD 300 million for shale gas development in the province of Neuquen, where the company first started unconventional oil operations in 2011. The majority of investment, USD 900 million, will be directed towards its work in the Golfo San Jorge Basin.

Pan American Energy produced 108,000 bopd in 2015, up 34% from levels recorded in 2001. Gas production stood at 19 mcm (671 mcf), an increase of 67%.

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