Pan American Makes Big Argentine Oil Find

Argentina's Pan American Energy has discovered one of the country's biggest finds of recent years with an oil reserve in southern Argentina, an official announced over the weekend.

Buenos Aires-based Pan American - controlled by oil major BP - made the discovery in the Patagonian province of Chubut.

The oil reserve, in the Escalante Basin, is believed to be twice as big as any reserve in Chubut, according to officials.

The new reserve is expected to produce around 120 million barrels of oil, double that produced by all the oil companies in Chubut last year.

The discovery of new reserves is good news for the country, which is suffering energy shortages, writes Reuters.

By staff writer