Wintershall expands its activities in Argentina
Wintershall AG, Kassel, has acquired via its Argentine subsidiary, Wintershall Energia S.A., 35 percent of the southern Argentinian off-shore concessions Tauro-Sirius and Octans-Pegaso from Total Austral S.A. This news was reported officially today (30.10.2000) to the Argentine Ministry of Economy in Buenos Aires by the board members Alfred Weber and Reinier Zwitserloot together with Frank Dienemann, Managing Director of Wintershall Energia S.A.
Both concessions are located in the Austral Basin offshore Tierra del Fuego and incorporate proven but not yet developed gas reserves totalling 21.4 billion cubic meters, along with other attractive exploration prospects.
The acquisition enhances the existing portfolio of the company in Argentina. Wintershall already produces around 3.2 million cubic meters of natural gas per day in the neighbouring concession of Cuenca Marina Austral, in which the company has a 37.5% participating interest. With regard to reserves, Wintershall now becomes one of the three largest gas producers in Argentina. In the next 5 years the company plans to invest around 200 million US dollars in the Tierra del Fuego region for the development of these gas reserves.
Wintershall has thereby taken another decisive step in implementing its exploration and production strategy which targets, among other core areas, expansion of its activities in Argentina.
Wintershall AG is a wholly-owned subsidiary of BASF Aktiengesellschaft, Ludwigshafen. The company is active in the exploration and production of oil and natural gas, as well as with natural gas trading.
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