Petrobras Argentina To Invest $800 Million In Santa Cruz

Source: Wall Street Journal
By: Taos Turner

11.23.2011

BUENOS AIRES (Dow Jones)--Petrobras Argentina SA (PESA.BA, PZE), the Argentine unit of Brazil's oil and gas company Petroleo Brasileiro SA (PBR), will invest $800 million in the province of Santa Cruz in southern Argentina.

The company will spend $200 million a year over the next four years, according to a statement on the province's website.

Officials at Petrobras Argentina and the province could not be reached for comment and additional details about the investment were not immediately available.

Petrobras is a key gas producer in the province.

The company confirmed its plans in a meeting with provincial officials earlier this week.

"In the meeting, they give us the broad numbers of the investment and now we're going to continue working in the Energy Institute and with Petrobras to study the investment plans and see what's best for the province and the company," said Juan Ferreiro, president of the province's Energy Institute.

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