Chevron purchases Argentina properties

Chevron Corp. subsidiary Chevron San Jorge SA, Buenos Aires, said Tuesday it's purchasing 100% interests in four properties from Alberta Energy Co. Argentina SA, a wholly owned subsidiary of Alberta Energy Co. Ltd. The properties include two exploration permits, CNQ 27A and CNQ 31, as well as two production concessions, inclusive of their producing fields, Puesto Prado and Puesto Flores-Estancia Vieja. Production from these fields is 1,200 b/d.


Chevron Corp. subsidiary Chevron San Jorge S.A., Buenos Aires, said Tuesday it's purchasing 100% interests in four properties from Alberta Energy Co. Argentina SA, a wholly owned subsidiary of Alberta Energy Co. Ltd. The properties include two exploration permits, CNQ 27A and CNQ 31, as well as two production concessions, inclusive of their producing fields, Puesto Prado and Puesto Flores/Estancia Vieja. Production from these fields is 1,200 b/d.

The sale will be effective upon approval by the appropriate governmental authorities of Argentina.

"Chevron is pleased to expand our presence in Argentina's upstream sector," said David Krattebol, president of Chevron San Jorge.

Chevron San Jorge is one of the top producers in Argentina, with gross operated production of 78,000 b/d of oil and 40 MMcfd of gas, representing 9.7% of the country's total oil production. Chevron San Jorge�s major producing properties are in the Neuquen and Austral basins.

The acquisition of the Rio Negro province blocks aligns with Chevron's strategy of growth in its international exploration and production business. Chevron entered Argentina's upstream sector in September 1999 by obtaining 100% of Petrolera Argentina San Jorge.

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