BRAZIL TO HELP DEVELOP OIL, GAS IN ARGENTINA'S NORTHEAST BASIN

Brazil and Argentina have agreed to joint exploration and development of oil and gas in Argentina's Northeast basin. Although not covered by the accord, the venture could lead to a 2,400 km, $2.5 billion gas pipeline system from the Argentine basin to southern Brazil, beyond almost $2 billion in exploration and development costs. The Northeast basin has proved reserves of 95 million bbl of crude oil and 2.1 tcf of gas.

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