Wintershall expands its activities in Argentina
Both concessions are located in the Austral Basin offshore Tierra del Fuego and incorporate proven but not yet developed gas reserves totalling 21.4 billion cubic meters, along with other attractive exploration prospects.
The acquisition enhances the existing portfolio of the company in Argentina. Wintershall already produces around 3.2 million cubic meters of natural gas per day in the neighbouring concession of Cuenca Marina Austral, in which the company has a 37.5% participating interest. With regard to reserves, Wintershall now becomes one of the three largest gas producers in Argentina. In the next 5 years the company plans to invest around 200 million US dollars in the Tierra del Fuego region for the development of these gas reserves.
Wintershall has thereby taken another decisive step in implementing its exploration and production strategy which targets, among other core areas, expansion of its activities in Argentina.
Wintershall AG is a wholly-owned subsidiary of BASF Aktiengesellschaft, Ludwigshafen. The company is active in the exploration and production of oil and natural gas, as well as with natural gas trading.
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