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Petrobras Argentina second oil and gas strike in Patagonia’s Santa Cruz

Wednesday, June 27th 2012 - 08:38 UTC
Full article 5 comments
Minister De Vido is already counting the pennies of the new well Minister De Vido is already counting the pennies of the new well

Petrobras Argentina, the local unit of Brazil's state-owned energy firm, said on Monday it had found new oil and natural gas resources in its Estancia Agua Fresca concession in the Patagonian province of Santa Cruz

Preliminary drilling results indicate potential reserves estimated at about 6 million barrels of oil equivalent (boe), the company said in a statement. The find was at a depth of just over 3.000 metres.

The Estancia Agua Fresca concession is 230 kilometres northwest of Rio Gallegos.

Petrobras Argentina operates the concession and is a 50% shareholder in it along with Compañía General de Combustibles SA, according to a statement Petrobras Argentina sent to the Buenos Aires Stock Exchange Tuesday.

The discovery is the second at Petrobras's Estancia Agua Fresca concession in the province, where it already produces almost 3,000 barrels of oil and close to 3.2 million cubic feet of gas a day.

Federal Planning minister Julio de Vido said the estimated value of the new deposits is in the range of 350 million dollars. “Of this sum 42 million will be for the Santa Cruz province and 123 million for the federal government”.

In November, Petrobras Argentina said it would invest 800 million dollars over the next four years in Santa Cruz.

Categories: Energy & Oil, Argentina.

Top Comments

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  • British_Kirchnerist

    Good news! Though the headline makes it sound like an industrial action story....

    Jun 27th, 2012 - 10:46 am 0
  • EnginnerAbroad

    Get ready to be seized Petrobas. Finding oil and gas in Vaca Muerta didnt save YPF. She needs to money after all to pay the forign debt.

    Jun 27th, 2012 - 12:48 pm 0
  • yankeeboy

    Potential an Proved Reserves are mighty different things and VERY rarely is potential more than proved. this 350MM is probably more like 100M M over 20 yrs. AND THIS IS NEWS?


    Jun 27th, 2012 - 01:10 pm 0
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