New Times to buy two Argentina oil fields

New Times Group Holdings Ltd., a Hong Kong property and financial investment company, plans to acquire two oil fields in Argentina for $10 billion (HK).

Eric Watkins
Senior Correspondent

LOS ANGELES, Oct. 31 -- New Times Group Holdings Ltd., a Hong Kong property and financial investment company, plans to acquire two oil fields in Argentina for $10 billion (HK).

New Times signed an agreement to purchase a 30.6% stake in Targatal and Morillo oil fields in the northern province of Salta. Citing an evaluation by China National Petroleum Corp., New Times said the two sites have estimated reserves of about 6.4 billion bbl of oil and 90 billion cu m of gas.

New Times said it would set up a consortium to develop and manage the sites.

Contact Eric Watkins at hippalus@yahoo.com.

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