Argentina seeks more Brazil oil investments

20 April 2012 22:07  [Source: ICIS news]

CAMPINAS, Brazil (ICIS)--Argentina is working to increase oil investments by Brazil, an Argentine minister said on Friday, despite the recent withdrawal of drilling concessions to Brazil’s Petrobras.

Argentina minister of federal planning, public investments and services Julio De Vido said on Friday that Brazil could increase its participation in Argentina’s oil and gas markets from 8% to 15% in the near future.

He spoke after a meeting with Brazilian minister of mines and energy Edison Lobao, and Petrobras chief Maria das Gracas Foster.

The Argentina government is working to reverse Petrobras’s recent loss of drilling concessions in Argentina’s Neuquen province, De Vido said.

De Vido said negotiations with local authorities in Argentina could reverse the concession loss.

“We talked with governor today and the negotiations are well conducted”, De Vido  said.

De Vido said Petrobras also could make new investments in other Argentine provinces, such as Santa Cruz, Rio Negro, Mendoza and La Pampa.

Brazil’s Lobao said, ““We will attend Argentina’s invitation in order to let Petrobras to study the possibility of expanding its activities there.”

Lobao said Petrobras has invested about $500m (€380m) in Argentina in the last few years, including projected investments for 2012.

However, Lobao did not commit to more Brazilian investments in Argentina.

The Friday meeting came days after Argentina announced it would take over 51% of the Spanish-controlled oil company YPF.

($1 = €0.76)

By: Leo Siqueira
+1 713 525 2600

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