April 5, 2012 / 12:56 AM / 5 years ago

STXNEWS LATAM-Petrobras says met Argentine license terms

The Argentine unit of Brazilian energy company Petrobras said on Wednesday it had met its investment commitments and was open to talks after a Patagonian province revoked one of its operating licenses.

Argentina's Neuquen province revoked concessions on three energy fields on Tuesday, citing insufficient investment, affecting Petrobras, Techint Group's Tecpetrol and Argenta Argentina, state news agency Telam reported.

Petrobras said it had been informed of the Neuquen government's decision to "unilaterally" decree the withdrawal of the company's Veta Escondida concession.

"Petrobras stresses that it has met all the requirements of the concession and that the agreement to explore and exploit remains in force under the terms of the concession," a statement said.

Argentina's biggest energy firm YPF, controlled by Spain's Repsol, is bearing the brunt of government pressure for energy companies to boost production. Six provinces have already stripped YPF of concessions on the grounds of slack investment, but most have been in marginal areas.

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