MercoPress. South Atlantic News Agency
YPF strikes oil and gas in the Kirchner's province
“This discovery is the result of innovative works, and it once again honors the explorer DNA of YPF”, president Miguel Galuccio said Argentina's petroleum company YPF announced the discovery of new gas and oil reserves in the province of Santa Cruz, with the potential to produce more than 200,000 cubic meters of gas and 370 barrels of oil per day at a depth of 2.770 meters.
In a release YPF said that the finding marked the first time in more than 20 years that such a field had been located in the province, specifically in the Los Perales-Las Mesetas region to the northwest of Las Heras.
“This discovery is the result of innovative works, because we went looking for a deep play concept, underneath already mature formations; and it honors once more the explorer DNA of YPF, linked today with our country's self-sufficiency,” YPF president Miguel Galuccio affirmed.
The Santa Cruz reserve is the latest in a series of discoveries made by the company in the past year. The provinces of Mendoza, Neuquén, Chubut and Río Negro have all played hosts to findings since the start of 2014, dramatically increasing production potential in both conventional and unconventional hydrocarbon resources.
In Santa Cruz alone, daily YPF gas production grew 15.2% in the second quarter compared to 2013. Petroleum production in the same period increased 3.7%. Santa Cruz is the political turf of the Kirchner family.
The find has potential production of 200,000 cubic meters of gas and 370 barrels of oil per day, the company said in a release. The well was drilled to a depth of 2,770 meters.
YPF is primarily focused on developing vast shale oil and gas formations in the Vaca Muerta area, also in Patagonia, but is struggling to attract the investment needed.
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Read all comments“370 barrels of oil per day, the company said in a release”
Aug 26th, 2014 - 11:39 am 0“This discovery is the result of innovative works, and it once again honours the explorer DNA of YPF”, president Miguel Galuccio said
These numb-nuts shouting their mouths of over 370 barrels per DAY need 2,700 TIMES THAT to make a million barrels per day: the only figure worth talking about if YPF are ever going to drag TDC out of the stone age it has put itself in.
They are REALLY, REALLY desperate.
It is an odd announcement. I wonder if the well is actually profitable? If they have to build infrastructure to the processing center I can't see how it could be.
Aug 26th, 2014 - 12:19 pm 0The nat gas find is 3 minutes of their yearly usage! If they are reporting it correctly.
Sounds more like a tanker truck flipped over and split it's load.
Aug 26th, 2014 - 12:24 pm 0370 barrels?? WTF?? Doesn't even serve 1 gas station.
There's more oil floating in the Rio Lujan at the moment.
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