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Pan American Energy to invest $1.4bn in Argentine Patagonia

Staff Writer |
Pan American Energy announced investments of $1.4 billion in exploration and exploitation of hydrocarbons in the Argentine Patagonia provinces of Neuquen, Chubut and Tierra del Fuego.

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PAE said that $900 million are to be invested in the San Jorge Gulf area, mainly Chubut $300 million in Neuquen and $70 million in Tierra del Fuego, while $130 million in capital equipment.

“This is a great challenge for Argentines to see if we are capable of producing oil despite the drastic fall in international prices, half of what it was only some months ago”, said president Macri.

PAE, which is also the main private producer of hydrocarbons in Argentina, has become the main investor in the energy private sector, totaling $13 billion between 2001 and 2015.

The $1.4 billion are earmarked for 2016/17. In that period (2001/2015) PAE gas production increased 67% and oil, 34%, and is also the Argentine hydrocarbons company with the largest replenishment reserves in that period, 150%.

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