YPF Acquires Petrobras Stake in Argentine Oil Block

From Global Post

Argentine state-controlled oil company YPF said it acquired the stake it did not already own in a block in the country’s western region from Brazilian energy giant Petrobras.

After purchasing Petrobras’ 38.45 percent interest for $40.7 million, YPF said in a statement it now has a 100 percent stake in the Puesto Hernandez block, which straddles the provinces of Neuquen and Mendoza.

Puesto Hernandez, which covers an area of 147 sq. kilometers (56 sq. miles), “produces more than 10,000 barrels per day of medium oil, considered most suitable for Argentina’s refineries,” YPF said.

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