Russian gas giant Gazprom wants to tap Argentina market

Russian gas giant Gazprom wants to tap Argentina market
by Daniel J. Graeber
Moscow (UPI) Oct 16, 2014

disclaimer: image is for illustration purposes only

Russian gas company Gazprom said it may be interested in exploration and production in Argentina through an agreement with energy company YPF.

Gazprom Chairman Alexei Miller hosted Miguel Galuccio, chief executive officer of YPF, at his Moscow office to discuss arrangements for liquefied natural gas to the Argentine republic and joint developments in the Latin American market.

"In particular, they looked at the possibility of undertaking joint projects in such areas as exploration & development in Argentina," Gazprom said in a Wednesday statement.

According to Gazprom, Argentina last year produced 1.2 trillion cubic feet of natural gas and 223 million barrels of oil.

Gazprom last year won a tender to supply Argentina with 15 shipments of LNG with a total of 1 million tons through 2015.

The Russian gas company has sought to expand its portfolio beyond the struggling European market.

Both sides have focused on development the Vaca Muerta shale site in Argentina's Neuquen province, which Buenos Aires wants developed with investor cash.

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