Apache Agrees on Gas Supplies for Argentine Utility Amid Growing Power Shortage
August 20, 2010

Apache signed an agreement with Pampa Energia, Argentina’s largest power producer, to supply the company gas amid a acute shortage of gas in the country, Bloomberg reported August 5. The agreement allows Apache to sell gas in Argentina at unregulated gas prices. The agreement also forms a joint venture for the development of tight gas fields in the country’s Patagonia region. Under the terms of the agreement, Apache will sell ~30 MMcf/d of gas to Pampa for US$5/MMBtu, and develop an additional 25 MMcf/d. Over the past two months, during severe cold snaps in the South American country, more than 300 industrial users have suffered reduced power supply as priority is given to residential consumption. Pampa is looking to secure additional supplies of gas, particularly for its 180-MW power plant in Loma de Lata that is expected online this year, Bloomberg reports. ...Full Article

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