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Brazil: YPF to drill oil well in Espirito Santo.
South American Business Information, August, 1999
Brazil: YPF of Argentina will start drilling oil wells within the BES-3 oilfield in Espirito Santo by the beginning of the year 2000. According to YPF, which will develop the oilfield along with Petrobras, there are significant volumes of oil and gas in that state of Brazil. Due to Espirito Santo's potential, YPF will open a representative office in the state next year. The Argentinean company negotiates a partnership with CVRD to operate in gas distribution and electric power energy generation in Espirito Santo. Petrobras predicts that research & development investments in Espirito Santo will amount to US$1bil until 2002, while production would demand investments of US$15bil. According to Petrobras, the state will be producing 1mil barrels of oil per day as...
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