YPF SA, Argentina's largest oil company, agreed to explore for oil with Alange Energy Corp. in Colombia amid a push to uncover new reserves in South America.
Buenos Aires based YPF will take a stake in an exploration venture at the Catguas oil block in eastern Colombia, spend as much as $23 million at the Carbonera natural-gas block and may jointly explore and develop other blocks, Toronto based Alange said in a statement today.
A YPF official, who can't be identified under company policy, confirmed the accord.
YPF will join billionaires Eike Batista of Brazil and Carlos Slim of Mexico in seeking to tap energy reserves in Colombia, which has leapfrogged Argentina to become South America's third-largest oil producer after Venezuela and Brazil.
YPF, Argentina's biggest crude producer and fuel retailer, also plans to start drilling off the coast of Guyana this year to tap new reserves amid many aging fields at home.
Alange and YPF also may develop blocks in eastern and central Colombia that the Canadian company won in a government auction last year, Alange said.
YPF's American depositary receipts slid 64 cents, or 1.4 percent, to close at $45.11 in New York Stock Exchange composite trading.
The stock has dropped 10 percent this year. Alange fell 1 cent, or 4.4 percent, to to 21.5 Canadian cents in Toronto.
Colombia is expected to produce 1.7 million barrels of crude and natural gas a day in 2020.
Slim's Grupo Carso this year bought a stake in Geoprocesados SA's Tabasco Oil Co., which is exploring in eastern Colombia.
Batista's OGX Petroleo & Gas Participacoes SA may start producing oil in Colombia as soon as next year, OGX Chief Executive Officer Paulo Mendonca said in 2010.
Buenos Aires based YPF will take a stake in an exploration venture at the Catguas oil block in eastern Colombia, spend as much as $23 million at the Carbonera natural-gas block and may jointly explore and develop other blocks, Toronto based Alange said in a statement today.
A YPF official, who can't be identified under company policy, confirmed the accord.
YPF will join billionaires Eike Batista of Brazil and Carlos Slim of Mexico in seeking to tap energy reserves in Colombia, which has leapfrogged Argentina to become South America's third-largest oil producer after Venezuela and Brazil.
YPF, Argentina's biggest crude producer and fuel retailer, also plans to start drilling off the coast of Guyana this year to tap new reserves amid many aging fields at home.
Alange and YPF also may develop blocks in eastern and central Colombia that the Canadian company won in a government auction last year, Alange said.
YPF's American depositary receipts slid 64 cents, or 1.4 percent, to close at $45.11 in New York Stock Exchange composite trading.
The stock has dropped 10 percent this year. Alange fell 1 cent, or 4.4 percent, to to 21.5 Canadian cents in Toronto.
Colombia is expected to produce 1.7 million barrels of crude and natural gas a day in 2020.
Slim's Grupo Carso this year bought a stake in Geoprocesados SA's Tabasco Oil Co., which is exploring in eastern Colombia.
Batista's OGX Petroleo & Gas Participacoes SA may start producing oil in Colombia as soon as next year, OGX Chief Executive Officer Paulo Mendonca said in 2010.
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