Palmar Largo JV comprises two working zones, which include Palmar Largo and Balbuena Este.
Palmar Largo is situated in Formosa province with a surface area of around 1,221.1km² or 301,962 acres, while Balbuena Este is located in Salta province with a surface area of about 161km² or 40,031 acres.
New Times Energy chairman Stewart Cheng said the acquisition will enhance company’s business portfolio in the Argentinean provinces of Salta and Formosa.
"This acquisition aligns with our business strategy and demonstrates our commitment in identifying and capitalizing on potential investment opportunities through application of our operational and technical expertise," Cheng added.
New Times is engaged in the development and operation of oil and gas projects in the Noroeste basin in the province of Salta, Argentina and in the states of Utah, Texas, Louisiana and Alaska in US.
The group also operates downstream LNG projects in China, including LNG or CNG stations, gas provision to industrial parks and residential households.