YPF Argentina reported Tuesday that its first offshore well drilled in the so called Malvinas basin proved dry. The operation was equally shared with Brazil’s Petrobras and Pan American Energy, a Chinese-Argentine group.
Spanish oil and gas group Repsol YPF announced last week that its joint venture with China's Sinopec Group had made a new discovery of good quality oil in Brazilian ultra-deep water.
Repsol-YPF planned exploration for hydrocarbons in the Malvinas basin, off Tierra del Fuego has suffered a major public relations setback following on the Buenos Aires press revelation that the two vessels contracted for the job not only are UK flagged but also have links with the current oil exploration round in Falkland Islands’ waters.