Argentine petroleum firm seeks foreign help for oil exploration

Argentine state-run petroleum company ENARSA will cooperate with foreign firms in searching for gas and oil deposits in the Atlantic Ocean off the country's coastline, an ENARSA officer said on Monday.

Negotiations are under way with foreign firms, including Chinese and Russian companies, to mobilize 10 billion US dollars of investment into the sector, Jorge Haiek said in an interview with Argentine daily Pagina 12 published Monday.

Haiek said if no new reserves of gas and oil are found, it will be necessary to cancel or limit exports due to a drop in reserves.

Internal consumption of gas has been continuously increasing with an annual growth of 100 percent over the past 12 years, he said.

ENARSA has the right to explore gas and petroleum in a zone of 1 million square kilometers off the Atlantic Ocean.

Source: Xinhua