BUENOS AIRES -(Dow Jones)- Brazil's state-run energy company Petroleo Brasileiro SA (PBR), or Petrobras, its local affiliate Petrobras Energia (PBE.BA), and BP PLC (BP)-controlled Pan American Energy have entered into separate agreements with Spain's Repsol-YPF SA (REP) to explore for offshore oil in Argentina, the companies said late Wednesday in separate statements.
Petrobras Energia, YPF and PAE signed an agreement to explore for and possibly produce oil in blocks in the Cuenca Malvinas, the companies said in one of the statements. The area is located 200 kilometers from Tierra del Fuego.
The companies plan to invest a total of $100 million to drill two exploratory holes at a depth of about 500 meters in 2009 and 2010.
"If the exploration stage is successful, the companies estimate there will be significant investment in developing these maritime reserves," the statement said.
Meanwhile, Petrobras Energia and YPF signed a separate agreement to explore offshore in the San Jorge gulf area near the provinces of Chubut and Santa Cruz.
Exploration will begin in a block known as CGSJ Marina 01, located about 30 kilometers off the coast of Comodoro Rivadavia. Drilling will take place at an average depth of 100 meters in a 1,320-kilometer exploration zone.
The companies plan to drill four holes between 2008 and 2009 and will invest about $120 million to do so.
In August, Argentina's state-run energy firm, Enarsa, Chile's state-owned oil company, Enap Sipetrol, and Repsol-YPF announced plans to explore for offshore oil.
"This will be the first perforation in 30 years in Argentine waters," Planning Minister Julio De Vido said at the time.
The companies said they would invest $150 million in the project, which was first announced in 2006 but delayed because of a lack of available offshore drilling rigs.
-By Taos Turner, Dow Jones Newswires; 5411-4590-2421; taos.turner@dowjones.com
Click here to go to Dow Jones NewsPlus, a web front page of today's most important business and market news, analysis and commentary: http://www.djnewsplus.com/al?rnd=CSwu20xok0%2BinROM%2BrVbQA%3D%3D. You can use this link on the day this article is published and the following day.

Publié le 10 Décembre 2008 Copyright © 2008 Dowjones