• Categories
  • Archives

Brazil’s Giant Petrobras Gets Another Piece of Argentina

The Executive Director of Petrobras Argentina, Alberto Guimarães, said that Petrobras is awaiting authorization from the Argentinean government to begin exploratory activities in two more blocks, raising to 20 the total number of areas in which the state company operates in that country.

Unlike the current 18 blocks in which Petrobras is already active, all of them on land, these two are at sea, near Bahia Blanca. The start of exploration depends only upon the Argentinean government’s authorization.


With an increasingly significant presence in Argentina, especially after the acquisition of Perez Companc, which is now Petrobras Argentina, the Brazilian state company has already invested US$ 4 billion in the neighboring country.


Petrobras intends to invest an additional US$ 1.4 billion between 2004 and 2007, 65% of which will be in the area of exploration and petroleum and gas production.


Guimarães said that Petrobras currently produces 186 thousand barrels/day in Argentina, but this production is concentrated on land.


“Now the company wants to direct its activities toward petroleum exploration in ocean areas. Although the ocean in Argentina presents numerous difficulties, it greatly resembles the Campos Basin,” the director commented.


The Campos Basin is Brazil’s largest petroleum region, located off the northern coast of the state of Rio de Janeiro and responsible for around 70% of Brazilian petroleum production.


The Brazilian Development Bank (Banco Nacional de Desenvolvimento Econômico e Social) (BNDES) reported in May that it was setting aside US$ 1 billion for infrastructure projects in Argentina over the next three years.


According to BNDES vice president, Darc Costa, by next year the bank should be financing at least five projects in Argentina (repairs on two railroads, a gas pipeline, a steel mill expansion and a biogenetic study).


In other news of BNDES international activities, the bank has already released US$ 600 million for infrastructure in Venezuela, out of a promised US$ 1 billion.


The Venezuela and Argentina financial assistance projects are part of the Brazilian government’s objective of speeding up South American integration.


Agência Brasil
Translator: David Silberstein

Tags:

  • Show Comments (0)

Your email address will not be published. Required fields are marked *

comment *

  • name *

  • email *

  • website *

This site uses Akismet to reduce spam. Learn how your comment data is processed.

Ads

You May Also Like

Brazil Threatens to Sue NY Times

"The Brazilian government was overcome by a sense of profound indignation as a result ...

Rapidinhas

Fashion Crème de la crème Isabela Rosselini‘s 13-year reign as Lancôme’s face has ended. ...

Brazil Starts US$ 133 Billion, Ten-Year Push in Search of Oil and Gas

Energy corporations will invest US$ 133 billion in the next ten years looking for ...

Tangled Law

Brazil loves constitutions. Since the first one in 1824, the country has had six ...

Lula’s African Tour Opens Doors to Brazilian Businessmen

Brazilian President Luiz Inácio Lula da Silva ends his visit to Algeria today with ...

Brazilian Modules Maker Ready to Profit from Gulf Construction Fever

Eurobras Construções Metálicas, based in the city of Santo André, in the Greater São ...

On Its Deathbed Brazil’s Varig Sees Its Routes Being Partitioned

A Brazilian bankruptcy judge approved on Monday an offer by an employee-led group to ...

US Missionary Murdered in Brazil Gets UN Human Rights Prize

Dorothy Stang, an American nun murdered in Brazil three years ago and the slain ...

Another View

Basically, the Sem Terra are not armed guerillas seeking violent revolt or upheaval in ...

Fed’s Higher Rates Cool Brazilian Stocks

Latin American stocks closed mixed to lower, as investors remained cautious as they awaited ...