Strictly: Drilling and oil-field services Message Board

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Gold/Mining/Energy : Strictly: Drilling and oil-field services

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To: The Jedi who wrote (2096)	10/14/1997 8:03:00 AM
From: JBH	of 95453

Wonder who will get this contract? Unocal unit reaches agreement with YPF SA SUGAR LAND, Texas, Oct 13 (Reuters) - Unocal Corp said Monday its Unocal Latin America Ventures Ltd has reached agreement with YPF SA(YPF - news) (YPFD.BA) for the joint exploration and development of two large permit areas offshore Argentina. Complete terms and conditions of the joint operating agreement will be negotiated over the next several months. The offshore blocks cover 7,300 square miles and include the offshore extension of the San Jorge Basin. The onshore portion of the basin has already produced more than 2.5 billion barrels of oil, the company said. The offshore blocks encompass about one-third of the total basin. Exploration to date in the offshore area has included 17 wells that encountered hydrocarbons, with five of those classified as discoveries. The offshore blocks were not developed previously because of difficult reservoir conditions, the company said. Unocal will hold a 50 percent working interest in the joint venture.

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