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Argentina/Chile: TOTAL acquires a 10% interest in GasAndes |
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| Jul. 21, 98 |
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TOTAL has acquired a 10% interest in the Argentina-based Gasoducto GasAndes (Argentina) S.A. and in Chiles Gasoducto GasAndes S.A., the owners and operators of the gas pipeline that allows the greater Santiago area in Chile to receive natural gas from the Neuquen basin in Argentina.
The pipeline, which is 465 km long (315 km in Argentina and 150 km in Chile) and 24 inches in diameter, was commissioned in August 1997. It crosses the Andes at an altitude of 3,700 meters. Transport capacity currently stands at 9 million cubic meters per day (Mcm/d) and will be gradually increased to around 20 Mcm/d in order to meet the anticipated growth in demand from central Chile.
GasAndes has already signed five firm 25-year transport contracts totaling nearly 10 Mcm/d. Four of them, with the Santiago de Chile natural gas utility and three power plants, are already in operation.
This investment demonstrates TOTALs commitment to strengthening its presence in natural gas transport in South America. Transport is a key link in the marketing chain for the Groups natural gas reserves in the southern cone region.
TOTAL is the operator for around 20% of natural gas production in Argentina, where the Group has substantial reserves in the Neuquen basin and in Tierra del Fuego. A significant percentage of the gas produced by the TOTAL-operated fields in Neuquen - Aguada San Roque and Aguada Pichana - is already being marketed thanks to the GasAndes pipeline.
TOTAL is considering other investments in downstream natural gas activities and in power generation, notably to market its considerable reserves in Tierra del Fuego. |
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