Wednesday, December 4th 2013 - 00:30 UTC

Petrobras finds unconventional petroleum in Argentina's Vaca Muerta shale deposits

The Argentine unit of Brazilian state-controlled oil giant Petrobras said on Monday that it discovered unconventional petroleum in Argentina’s Vaca Muerta formation. The well is part of the Rincon de Aranda concession in Neuquen province, operated by Petrobras Argentina in a 55%/45% partnership with French oil major Total.

The Brazilian company has had a string of successes in Argentina

 “The discovery occurred during the post-stimulation test drilling at well RDA.x.1001,” Petrobras Argentina said in a filing with the Buenos Aires stock exchange.

“It is not yet possible to estimate the reserves associated with this discovery, which will require additional studies and drilling,” Petrobras Argentina said.

The oil was detected at a depth of 2,501 meters below the surface.

Vaca Muerta, which encompasses a total of 30,000 sq. kilometers in west-central Argentina has been described as one of the world’s largest shale oil and gas fields.

In October Petrobras reported another find in Neuquen after drilling targeted the Agrio formation in the El Mangrullo concession and found evidence of gas at 1300 meters.

Petrobras Argentina participates in dozens of oil production and exploration projects in Argentina, but has been looking for asset buyers amid a multibillion dollar divestment program to help fund pre-salt exploration and development expenses in Brazil.

In May Petrobras received an offer for Argentina assets but turned it down. The company has seen exploration success, however, with multiple discoveries recorded in the Santa Cruz province. Last November, Petrobras found condensate in the Estancia Campos X-1 well at the Puesto Peter concession.

3 comments Feed

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1 CabezaDura (#) Dec 04th, 2013 - 04:29 am Report abuse
An Argentine energy expert consultant says that Vaca Muerta is a hoax of a gov't that believes its own lies, he says so far VM is 3 times more expensive than the US shale wales and the returns are not as good

Does anybody make sence of this??
2 Pete Bog (#) Dec 04th, 2013 - 01:32 pm Report abuse
So will you Argentines (CFK and her merry amigos) stop moaning about the relatively minor amounts of oil around the Falklands.

Use your own resources to get rich and be happy!
3 ChrisR (#) Dec 04th, 2013 - 08:32 pm Report abuse
We keep hearing how good the “Dead Cow” is (if only it applied to the other cow it would be tremendous) but NOTHING ever materialises.

The poor dumb bastard who got collared to run YPF is looking haggard in the extreme while still begging for financial help from anybody who will listen to his promises that will never hold true.

Hands up all those who think that TMBOA will pull another stunt and rob millions from their “partners”.

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