MercoPress. South Atlantic News Agency

Repsol-YPF targets exploration in South Atlantic

Repsol-YPF CEO Antonio Brufau said the company is planning to invest 6,5 billion US dollars in Argentina in the next five years, 74% of which in exploration and production of oil and natural gas both inland and offshore.

Following a meeting with Argentine president Nestor Kirchner in Casa Rosada, Mr. Brufau indicated that 129 million US dollars are earmarked for exploration in the South Atlantic, but if "we are successful, the investment could be extraordinarily higher".

Apparently Repsol-YPF exploration offshore will take place in association with Enarsa, the recently created Argentine government energy corporation.

The funds not invested in exploration and production will be used in improving refineries to increase production as well as chemical plants.

Mr. Brufau was insistent that the 6,5 billion US dollars figure is "flexible" and could be considerably increased based on exploration results

. "The president (Kirchner) can be sure we will honour our word and investments will become a reality", stressed Mr. Brufau.

Also present at the meeting were Cabinet Chief Alberto Fernandez, Federal Planning minister Julio De Vido and Repsol-YPF's general manager for Argentina, Brazil and Bolivia, Enrique Locutura.