MercoPress. South Atlantic News Agency

Respsol-YPF plans seismic surveying in Malvinas basin

The Spanish oil consortium Respsol-YPF in planning to undertake seismic surveying in the Malvinas basin in 2008, and could invite Argentina's new government owned oil company Enarsa to participate in the operation

Enrique Locutura, Repsol-YPF CEO for Argentina, Brazil and Bolivia made the announcement this week in Buenos Aires adding that the surveys are included in the investment program for 2007/2009, which totals 4.6 billion US dollars. However he also pointed out that "even when we always have new projects, the investment plans have their own timing, there are no shortcuts because you need the specific personnel and projects take time to mature". Of the 4.6 billion US dollars in the 2007/09 investments program, a billion is earmarked for exploration and the rest for the development and production of deposits both on shore and off shore. "Beginning 2009, when the current plan is completed, we should have a significant volume of investments", said Locutura. Asked more specifically about off shore hydrocarbons exploration, Locutura said "things take time and currently we are betting, during this first leg, in three exploration areas in deep and/or ultra deep waters". One of the areas is the Colorado Basin, off shore the province of Buenos Aires, "where we're working together with Enarsa and other companies in the seismic surveying". The second area is the Austral basin, also with Enarsa and finally the Malvinas basin, "where we will begin next year with seismic surveying and exploration". Locutura said that Repsol-YPF in open to the possibility of Enarse joining exploration tasks in the Malvinas basin, "where she's not present currently".