Argentina will receive a Chinese delegation in the next few weeks as the South American country seeks to rebuild sagging oil and natural gas production, the Planning Ministry said Tuesday.
The visit will continue an agenda established during a June 26 meeting between Argentine President Cristina Fernandez de Kirchner and Chinese Premier Wen Jiabao in Buenos Aires, the ministry said in a statement.
At that meeting, the two leaders agreed to work together on potential projects in nuclear energy, hydropower and on the production of fertilizers and hydrocarbons, among other things.
The Planning Ministry, which oversees national energy affairs, said specifics of the agreements have yet to be established. The ministry has also not specified a date for the upcoming Chinese visit.
Argentina is seeking financing for state-run oil company YPF's plan to spend $50 billion through 2017 in an effort to boost liquids and gas production. The country hopes to squeeze more production from mature fields and developing shale resources.
The country's oil production is now put at 570,000 b/d, while gas output is 120 million cu meters/d, both well below their peaks in 2004.
China's CNOOC and Sinopec have acquired assets in the Argentine oil industry over the past few years. Investment has increased in Argentina on expectations for large shale potential.
