The Colombian Minister of Energy and Mines Jorge Chamot said Argentine Techint lead group is been awarded the concession of the Camisea project.
Techint, with a 30 percent stake, will be operator of the consortium. Sonatrach has a 10 percent stake and Grana y Montero has a 12 percent stake.
Pluspetrol SA has a 19.2 percent stake, Hunt Oil has 19.2 percent officials Dow Jones reported. Chamot said the government plans to sign the contracts with the winners of the concession in about a month and a half.
Marcelo Martinez, executive vice-president at Techint, said Colombia's Promigas SA may join in the consortium.
"There is the possibility that the company finally in charge of the distribution could be Promigas or another company that is an expert in distribution," Martinez told reporters according to Dow Jones.
Martinez said the company would finish constructing the pipeline from Camisea to Lima in the 44-month deadline or before. The $2.6 billion Camisea project contains proven reserves of 13 trillion cubic feet of gas and 660 million barrels of associated liquids.
The development phase will initially involve an investment of $400 million over four years, and is seen rising to a total of $1.6 billion over the life of the 40-year contract.
© 2000 Mena Report (www.menareport.com)