MercoPress. South Atlantic News Agency

Repsol-YPF surveying Malvinas Basin.

Repsol-YPF CEO Antonio Brufau revealed Thursday in Buenos Aires that the company is involved in seismic surveying in the Malvinas Basin, “a geological high risk operation”, but if successful will mean the incorporation of a new oil province for Argentina.

During the launching of the 2005 Argentine Tourism Guide sponsored by the Spanish oil consortium Mr. Brufau said that Argentina was "far more than a market"; Repsol-YPF has "a strong and sincere commitment" with investments of a billion US dollars annually until 2007.

"We're engaged in an ambitious petroleum exploration plan in several basins, including the south seas with a seismic vessel surveying the Malvinas basin, a high risk geological project which if successful could mean the incorporation of a new basin, something that hasn't happened in Argentina for decades", underlined Mr. Brufau.

Repsol-YPF CEO also recalled that the company was Argentina's main investor, main tax payer, main exporter and one of the leading employers in the country.

"Our long term alliance with Argentina means 75% of investments are targeted for exploration and production; 20% for refinery improvements and 5% in the chemical industry", added Mr. Brufau. "We are therefore very alert and perceptive to all opportunities and growth needs as well as improvements registered in the country's performance".

Further on Mr. Brufau said that the company so far this year had paid national and provincial taxes equivalent to 3,9 billion US dollars, "70% over 2003". "Repsol-YPF will have exported at the end of the year, 2,7 billion US dollars in oil products processed in local refineries with Argentine labour and Argentine know-how".

Finally Mr. Brufau said he was surprised with the insistence of a few people who keep asking him if he has confidence in Argentina. "Why shouldn't I? Argentina is a country full of possibilities and our company is closely linked to its progress".