MercoPress. South Atlantic News Agency

YPF first well drilled in the Malvinas basin proves “dry”

The formidable Bermuda flagged Stena Drillmax contracted for exploratory drilling

YPF Argentina reported Tuesday that its first offshore well drilled in the so called Malvinas basin proved dry. The operation was equally shared with Brazil’s Petrobras and Pan American Energy, a Chinese-Argentine group.

“First reports from the operation totally developed by YPF show no evidence of hydrocarbons” said the release. Between the three corporations involved in the operation, 150 million US dollars were invested.

The so-called Malvinas basin is midway between Argentine territory and the Falkland Islands whose sovereignty Argentina disputes. The drilling zone was located 300 kilometres from the city of Rio Grande and 130 kilometres from the islands of the Estados, extreme south of Tierra del Fuego.

YPF, which belongs to the Argentine Petersen Group, said that finalized the preliminary tasks in deep water, “the analysis of data collected during the operation will begin to be assessed”.

The report says the well was drilled 2.000 metres deep in absolutely hostile climatic conditions with winds in the range of 180 kilometres per hour and eight metres high waves; however in spite of adversities “the operation was completed without any incident involving person or the environment”.

The well is part of YPF “Exploratory Development Program 2010/2014” which was launched in late 2009 and to which have adhered the provinces of Buenos Aires, Entre Rios, Formosa, Chaco, Santa Cruz, San Juan, Cordoba, Santa Fe, La Rioja, Salta, Tucuman and Misiones.

Nevertheless the first exploratory well was a “historic milestone” for the development of the industry and will enable to collect information and elaborate a new geological map that will help future operations in the area.

The drilling was undertaken by Stena Drillmax, a drill-ship with a dynamic positioning system capable of operating in 10.000 feet of water. It has a crew capacity for 180, a helicopter deck and 96.000 tons displacement. She was supplied by three support vessels, two helicopters and over 1.000 people from different companies contracted for the logistics of the operation.