Petrobras releases Neuquen Province concession clarification

Source: Petrobras

Petrobras announces that it has been notified by the government of the Province of Neuquén unilaterally forfeiting the mining concession in the Veta Escondida area.

Regarding this, Petrobras clarifies that it has complied with all concessionaire requirements and understands that the agreement remains in force for exploration and exploitation, as part of its concession rights and renegotiations, as agreed with the province on December 10, 2008, ratified by the Provincial Executive and running until 2027.

Petrobras owns 55 percent of the concession and is the operator. Investments were made according to research into new hydrocarbon accumulations. US$10 million has been invested over the last three years. Additionally, the company has begun efforts to look for unconventional hydrocarbons in the area because of new technologies.

Although Petrobras has not committed any breach which supports the Government of Neuquén’s decision, the company continues to make itself available to the provincial authorities to maintain a constructive dialogue for its current and future ventures.

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