Chile's ENAP Recovers Revoked Argentine Concession

Date : 06/01/2012 @ 2:38PM
Source : Dow Jones News
Stock : Encore Energy Partners Lp (ENP)
Quote : 20.05  0.0 (0.00%) @ 2:05AM

Chile's ENAP Recovers Revoked Argentine Concession

Encore Energy Partners Lp (NYSE:ENP)
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Chile's state-owned oil and gas company Empresa Nacional del Petroleo SA, or ENAP, recovered the Southern Argentine concession revoked in March by Chubut province, ENAP said in a statement Friday.

ENAP lost the Campamento Central-Canadon Perdido oil field because the field's operator and ENAP's partner in Argentina, the then-privately held oil company YPF SA (YPF, YPFD.BA), was at odds with the Argentine government, which argued the field lacked investment.

The dispute between Argentina's government and YPF ended with President Cristina Kirchner decreeing the expropriation of YPF from Spain's oil company Repsol YPF SA (REPYY, REP.MC).

ENAP's international unit, Sipetrol Argentina SA, holds 50% of the Campamento Central-Canadon Perdido oil field, with YPF holding the remainder.

The field produces 5,000 barrels a day, and ENAP invested $47 million in it as of Sept. 30, 2011.

ENAP Sipetrol Argentina holds another three Southern Argentina concessions, which it is currently exploring.

-By Graciela Ibanez, Dow Jones Newswires; 56-2-715-8929; graciela.ibanez@dowjones.com

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