TOTAL Sells Stake in Argentina's El Huemul Field

abarrelfullabarrelfull wrote on 09 May 2012 09:04

May 7, 1999

TOTAL has agreed to sell its 70% interest in the El Huemul field in Argentina to US-based Vintage Petroleum. The field, which is located on an onshore permit in the Santa Cruz province (central Patagonia) near the town of Comodoro Rivadavia, currently produces roughly 10,000 barrels of oil and 800,000 cubic meters of natural gas a day.
The disposal is in line with TOTAL's logic to rationalizing its assets in Argentina. The Group intends to focus its business on the Neuquén and Austral (Tierra del Fuego) Basins, where it has the strongest growth potential.

The transaction, effective January 1, 1999, amounted to US$93 million. TOTAL's share of production in Argentina amounted to nearly 60,000 boe/d in 1998. It is expected to increase steadily in coming years, led by the development of the above mentioned Basins.

With significant gas reserves in Argentina and recent discoveries in Bolivia, TOTAL is well positioned to play an active role in serving the Southern Cone gas market.

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