Chile's Enap Argentine Operations Valued At $300 Million

Chile's Enap Argentine Operations Valued At $300 Million - Report

In light of Argentina's announcement to nationalize oil and gas company YPF SA (YPF), which raised other players' concerns, Chile's state-owned oil and gas company Empresa Nacional del Petroleo SA's, or ENAP, calculations of its Argentine operations were valued at $300 million, Diario Financiero reported Tuesday without citing sources.

On Monday, Argentina said it will expropriate Spanish Repsol YPF SA's (REP.MC) main unit and the largest oil and gas company in the region, YPF, raising concerns in the oil industry and among other companies with operations in Argentina.

In the nationalization process, Argentina would take 51% of YPF from Repsol.

Chile's Enap international unit, Enap Sipetrol Argentina, has operations in Argentina which, in case of an eventual expropriation, would cost Enap some $300 million, Diario Financiero reported.

In March, Enap lost a concession it holds with YPF in the province of Chubut. At the moment, the company said it was evaluating the effects of the Chubut decision and added that it had invested $47 million in the field, as of Sept. 30, 2011.

On top of the revoked Canadon Perdido-Campamento concession, 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

Encore Energy Partners Lp (NYSE:ENP)
Historical Stock Chart
From Oct 2024 to Nov 2024