Tuesday, November 27th 2012 - 04:47 UTC

President Franco says Paraguay will begin pumping oil in mid-2013

Paraguayan president Federico Franco announced on Monday that starting on 2013 the country will become an oil producing nation, after a recent discovery close to the border with Argentina.

The oil basin is close to Argentina and President Franco will be visiting the area next week

According to Franco, researchers have discovered “plenty of top quality oil” in the “Cuenca de Pirity” area, in the Chaco region, west and north of Asunción.

The Paraguayan head of state assured that the country would be producing oil barrels by mid-2013.

“Paraguay will not only be a world champion in the production of clean and renewable hydroelectric energy. Now it will also join the list of oil producing countries,” he said.

“Paraguay is a country filled with opportunity” he said while giving a speech in front of Business leaders at the Paraguay – Brazil Business forum.

He then said next week he would be flying to the Pirity area, which borders with the north of Argentina, where the oil was allegedly found.

Pirity Hidrocarburos and US company Crescent Global Oil carried out the exploration in the area and drilling is expected to begin in December, according to an official press release.

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1 Ayayay (#) Nov 27th, 2012 - 05:33 am Report abuse
Sucking it diagonally.
2 Idlehands (#) Nov 27th, 2012 - 09:23 am Report abuse
You just know Argentina are going to cause problems over this.
3 Ramon (#) Nov 27th, 2012 - 10:20 am Report abuse
How can they have found oil if drilling doesn't start until December?
4 Idlehands (#) Nov 27th, 2012 - 10:37 am Report abuse
3 Ramon

They just jump up and down in big boots. If the ground feels squelchy and the boots turn black they've hit the jackpot.
5 CJvR (#) Nov 27th, 2012 - 10:55 am Report abuse
Congratulations to the Paras. Nice to see that the Chacos war wasn't a total waste after all.

@2 - not an unreasonable suspicion considering the recent events in Mercosur, particularly not if the Argie production continues to decline.
6 Captain Poppy (#) Nov 27th, 2012 - 03:00 pm Report abuse
Exploratory drilling versus production drilling. Now that they determined there is a reserve worth exploiting for recovery, a production well head will be setup.
I am sure assface kirchner wishes her army had bullets so she can claim her rightful land in what is now called Paraguay. Anyone see a border/boudry dispute in the making?
7 Idlehands (#) Nov 27th, 2012 - 03:42 pm Report abuse
More likely there will be claims that the basin stretches into Argentine territory and that they are cross drilling for Argentine oil.
8 ynsere (#) Nov 27th, 2012 - 07:29 pm Report abuse
I hope the Paraguayans are right. As for the Argentines, they've been making trouble for Paraguay for well over a century, so what would be new? Besides, the Brazilians would never allow the Argentines to help themselves to Paraguayan oil.
9 briton (#) Nov 27th, 2012 - 07:56 pm Report abuse
Unless argentina is involved, and CFK is informed, then it is illegal,
From her point of view.
10 Room237 (#) Nov 27th, 2012 - 08:08 pm Report abuse
This does seem to be a politician jumping the gun again, the well hasn't been drilled, only a seismic survey has been completed, but like my comment on the FI Scotia well, here they do have a wellbore from circa 1987 that they can use to match to the seismic, giving them a much higher chance of a discovery.
Idlehands the basin does stretch from Argentina into Paraguay but geology doesn't respect national boundaries and it's also very likely to be the same oil even, just a separate accumulation.
11 ProRG_American (#) Nov 27th, 2012 - 09:06 pm
Comment removed by the editor.
12 Captain Poppy (#) Nov 27th, 2012 - 09:17 pm Report abuse
I suppose if they share the same reserve it's a matter of who can pump the most with the most wells first gets the most crude.
13 Room237 (#) Nov 27th, 2012 - 09:28 pm Report abuse
Same oil but a separate reserve , just like Brent Crude is found in five European nations, it just depends who's border it's behind. Although they would never of found the oil without the success in Argentina, it's still Paraguay's oil.
14 redpoll (#) Nov 27th, 2012 - 09:49 pm Report abuse
I wouldnt bet my money on it.This story has been floating around for 80 years since the Chaco War. The LAMPA goldmine looks a better bet as they are actually mining the stuff though working conditions seem to fall short of most standards
15 British_Kirchnerist (#) Nov 27th, 2012 - 09:50 pm Report abuse
Wonder if they're going to start drilling diagonally into Argentina as Kuwait did with Iraq. I trust Cristina will not overreact with an annexation as Saddam did, but Paraguay's regional standing is far less condusive to getting away with such an adventure than Kuwait's was...

#4 Really?
16 agent999 (#) Nov 27th, 2012 - 10:26 pm Report abuse
@15 Not_British_Kirchnerist

Moments after the Iranian president made the startling claim at the inauguration of a dam in a central province, it started to rain.
“Western countries have designed plans to cause drought in certain areas of the world, including Iran,” Mr Ahmadinejad said in the city of Arak in Markazi province.
“According to reports on climate, whose accuracy has been verified, European countries are using special equipment to force clouds to dump” their water on their continent, he said.
By doing so, “they prevent rain clouds from reaching regional countries, including Iran,” Mr Ahmadinejad charged.
Iran has experienced several droughts in recent years.
17 andy65 (#) Nov 28th, 2012 - 01:00 am Report abuse
I was going to say expect an invasion from Hitler Cristina Kirchner sometime soon but remembered Argentina have No airforce army or navy of any merit
18 briton (#) Nov 28th, 2012 - 02:20 pm Report abuse
Just plastic,.
19 Argie (#) Nov 30th, 2012 - 07:26 pm Report abuse
3. Ramon. The answer is that a guarani witchdoctor threw the bones and ashes in the air and they formed the words 'chaha', 'ptror' and 'uipity' when fell on the ground.

Then, one of the engineers said: I don't understand. I believe those words mean “yahá poro ú caá uipe” and his wife killed him on the spot.

So the President decided to drill...
20 Captain Poppy (#) Nov 30th, 2012 - 09:12 pm Report abuse
We shall see I am certainly rooting for Paraguay here in this endeavor

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