A spokesperson for the Argentine oil firm YPF informed that exploration work is scheduled to begin this quarter on the coast of Tierra del Fuego, a province located off the southernmost tip of the South American mainland.
It will be in the coming months, in the first quarter, but at the moment we don't have an exact date. It depends on both climatic and operational factors said the spokesperson.
Last September YPF informed BNamericas that it hoped to start working on this project by the beginning of 2011. The oil company reckons it will explore 250 blocks by 2014, 135 of which are onshore.
These endeavors taking place offshore coincide with a drilling campaign by international oil and gas firms in waters claimed by the Falkland Islands. Reserves of up to 3.5Bb may exists in the area according to some analysts, but so far there has only been one well in the multi-well campaign that has revealed traces of oil.
According to Julio De Vido, Argentina’s Federal planning minister, there are several Kuwaiti firms which seem interested in exploring the country’s offshore potential. State news agency Telam announced that Argentina’s president Cristina Fernandez and De Vido discussed this matter with local officials while on a state visit to the Middle East