Pan American Energy

The agreement consisted of the acquisition of 60% of the actions of PAE that belonged to BP by flanges Corporation, which already controlled a stake of 40% of the company. To close the operation, flanges agreed to pay BP 7.059 billion dollars. The agreement reached by flanges and BP will allow you to Pan american Energy further consolidate its programmes of exploration and production of hydrocarbons, which have led to this company to increase its production of oil and natural gas in a sustained manner and, at the same time, increase every year the volume of its proven reserves, said Alejandro Bulgheroni, chairman of PAE, to comment on the operation. In opinion of Bulgheroni, performance built by PAE during the past ten years has made the company an actor starring in the Argentine market. In all this time, PAE contributed strongly to the country’s economic growth, bringing more oil and more gas when the Argentina thing I needed. Today, with this agreement, PAE and its shareholders renewed that commitment with the development of the energy market and the growth of the Argentina. About Pan American Energy Pan American Energy (PAE) is a company for exploration and production of hydrocarbons, that currently develops activities in Argentina, Bolivia and Chile. In the last decade, PAE has been consolidated as the second producer of oil and natural gas of the Argentina.

Currently, the company provides on average 18% of oil and natural gas produced in the country. Between 2001 and 2010 PAE invested about U$ S 6,700 million in its activities of exploration and production of hydrocarbons in the Argentina. Thanks to this investment effort, to the incorporation of new technologies and the quality of its human resources, in the last ten years the company managed to increase its production of hydrocarbons, 70% passing of 142,000 barrels of oil equivalent per day (boe/d) in 2001 to 240,000 boe/d in 2010. In that period, PAE revived annually more than 100% of their reserves produced. Currently, the proven reserves of PAE summed 1,539 million barrels of oil equivalent (MBOE), its certified reserves total reaches 2,515 million barrels of oil equivalent (MBOE) and its sales reached $2.776 billion in 2009. The strong investor commitment demonstrated by PAE during the last decade contributed significantly to employment generation in their areas of operation, particularly in the basins of the San Jorge Gulf, Austral, Neuquen and Northwest.

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Monday, September 2nd, 2013 News Comments Off on Pan American Energy