Wednesday, November 14th 2012 - 07:08 UTC

Petrobras strikes oil and gas in extreme south of Argentina at the Springhill field

Petrobras Argentina reported this week that it made a new oil- and gas-field in the northern area of the Puesto Peter franchise, which is located in the Patagonia province of Santa Cruz.

A previous discovery of gas was linked to the Magallanes basin

The oil discovery, which is the second this year made by Petrobras in that region, was made at the Springhill formation at a depth of 3,255 metres and took place during the perforation process of exploratory well Estancia Campos.x-1, which is located around 140 kilometres northwest of the city of Río Gallegos.

A news release issued by the oil giant said: “Preliminary results of tests undertaken indicate the presence of gas and oil, the latter measured at approximately 57 degrees API gravity, with the discovery’s reserve estimates measured at around 11 million barrels of oil.”

Estancia Campos is the second discovery within the Puesto Peter franchise, which already possess another oil-field in the central and southern areas in that basin.

Campos produces 78 cubic metres of oil a day and 240,000 cubic metres of gas from the Magallanes basin from a depth of 1,800 metres.

Petrobras Argentina operates the Temporary Businesses Union (UTE) in order to exploit oil and gas from franchises which is also formed by Compañía General de Combustibles SA, holding 71% and 29% respectively.

This is the second discovery confirmed this year by Petrobras in the province of Santa Cruz given that in June, the oil giant confirmed successful discoveries in La Cancha x-1 well located in the Agua Fresca franchise, which has reserves estimated at six million barrels.
 

Published in: Economy, Energy & Oil, Argentina.

12 comments Feed

Note: Comments do not reflect MercoPress’ opinions. They are the personal view of our users. We wish to keep this as open and unregulated as possible. However, rude or foul language, discriminative comments (based on ethnicity, religion, gender, nationality, sexual orientation or the sort), spamming or any other offensive or inappropriate behaviour will not be tolerated. Please report any inadequate posts to the editor. Comments must be in English. Thank you.

1 We got your Fragata (#) Nov 14th, 2012 - 11:54 am Report abuse
Has reserves of 11 million barrels? Is that really much of a finding? Argentina's daily consumption of petroleum is about 700,000 barrels PER DAY! So all that work and money spent for about half a month's supply of oil? I mean I know Argies are REALLY dumb when it comes to numbers, but this is unrealistic.......and how are they going to get it out of the ground, by Kretina sucking it out of a straw?? More Argie jokes they are more and more laughable EVERY DAY!!
2 Tompaine (#) Nov 14th, 2012 - 01:16 pm Report abuse
#1 I looked up idiot in the dictionary - You know the rest!
3 briton (#) Nov 14th, 2012 - 01:48 pm Report abuse
if it is true, then good luck to you,
perhaps then, you will leave the falklands alone.
4 Conqueror (#) Nov 14th, 2012 - 02:26 pm Report abuse
It's not really a “field”. It's a pipeline! Already got the field. Drill down, connect to the pipeline and you have a second “field”!
5 Britworker (#) Nov 14th, 2012 - 06:20 pm Report abuse
@3
Couldn't agree more, concentrate on their own matters and stop bothering others.
6 briton (#) Nov 14th, 2012 - 06:54 pm Report abuse
They would earn more respect if they got their own, rather than take from others.

Let the Falklands alone to live in peace.
and concentrate on getter her ship back for a start.
7 ProRG_American (#) Nov 14th, 2012 - 07:07 pm Report abuse
I hear that this is only the tip of the iceberg.
8 briton (#) Nov 14th, 2012 - 07:27 pm Report abuse
then lets hope its not as cold or dangerouse then...
9 Pugol-H (#) Nov 14th, 2012 - 07:34 pm Report abuse
Surely this find in on the Falklands Continental Shelf or in Argy occupied Patagonia, either way are they allowed to ”drill and exploit” in disputed territory.

@1
Then factor in that its 11 million barrels as unrefined oil.

@7
With most of it being in British Antarctic Territory.

The future boom for the Falklands, as the gateway the Antarctic.
10 toooldtodieyoung (#) Nov 14th, 2012 - 07:34 pm Report abuse
1 We got your Fragata & 3 briton

You are both right, but it could be a win - win situation couldn't it?

Argentina gets some oil of it's own, so it leave the Falklands alone and it could use the extra cash to get it's ship back!

There!! everyone's happy now!!
11 British_Kirchnerist (#) Nov 16th, 2012 - 07:05 pm Report abuse
Great news! And thnks to Cristina this oil won't be aquandered by foreign big business interests =)
12 isolda (#) Nov 16th, 2012 - 07:53 pm Report abuse
@10
the fragata don't worth a dime keep it in your arse
lol

Commenting for this story is now closed.
If you have a Facebook account, become a fan and comment on our Facebook Page!

Advertisement

Get Email News Reports!

Get our news right on your inbox.
Subscribe Now!

Advertisement