Rio - The Executive Director of Petrobras Argentina, Alberto Guimarães, said yesterday (7) 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 and 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, referring to 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.

Agência Brasil
Reporter: Nielmar de Oliveira
Translator: David Silberstein
10/08/2004