Oil: Joint venture discovers new oil field in Argentina

Local media reports that Pan American Energy (PAE), has discovered a new oil field in the southern Argentine province of Chubut. Reports suggest the discovery could more than double the region's production. PAE is a joint venture between Britain's BP and Argentina's Bridas.

The field is located about 1,400 km south of Buenos Aires with three 2,100-meter wells. It is expected to add 80 million to 100 million barrels a year to Chubut's total production.