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YPF strikes oil in south Patagonia; resources estimated in 40m oil barrels

Tuesday, May 26th 2015 - 06:38 UTC
Full article 20 comments
“Last year we drilled another well of similar characteristics in Los Caldenes with resources calculated in 15 million oil barrels”, said Carlos Colo “Last year we drilled another well of similar characteristics in Los Caldenes with resources calculated in 15 million oil barrels”, said Carlos Colo

Argentina's oil and gas government managed corporation YPF announced the discovery of a new oil field in Los Caldenes, in Patagonia Rio Negro province, with resources estimated in 40 million oil barrels. Manzano Grande x-1 is the second “discoverer well” in this block of 115 square kilometers located north of the Cinco Saltos town.

 “Last year we drilled another well of similar characteristics in Los Caldenes with resources calculated in 15 million oil barrels. Based on this information and analyzing seismic studies we were able to reach this new finding that broadens the resource horizon within the block,” affirmed Carlos Colo, YPF Exploration Executive Manager.

The concession of the Los Caldenes area was given to YPF in 2001 and with the last contracts renegotiation in Rio Negro, it was extended up until 2036.

The company indicated that “this new finding is the result of the renewed exploration effort that YPF has made since 2012.”

Argentina nationalized YPF in 2012 after accusing its former parent, Spain's Repsol SA, of under-investing and thereby generating a costly energy deficit for the country's economy.

Argentina hopes that by increasing investment in the vast Vaca Muerta oil and gas shale formation, also in southern Patagonia, it will be able to reduce energy imports, which among other items and policies are draining its low foreign reserves.

Categories: Economy, Energy & Oil, Argentina.

Top Comments

Disclaimer & comment rules
  • Enrique Massot

    This is the result of making YPF work for the Argentina's interests, as opposed to responding a large, foreign-based corporation.
    When YPF was owned by Spanish-based Repsol, production was stagnant in spite of the country's growing need for energy.
    Since the country took control of the company, investments have been intensified. The discovery in Los Caldenes is to be celebrated as one more step in Argentina's path to energetic self-sufficiency.

    May 26th, 2015 - 07:03 am 0
  • yankeeboy

    Oil is fine but they need Nat Gas more than they need oil.
    I haven't heard anything about Nat Gas wells in a very long time.

    The current US based court case on the nationalization may cost the Arg people dearly. Especially since it ended up under Griesa's court!
    :)

    May 26th, 2015 - 02:16 pm 0
  • chronic

    “estimated”

    LOL.

    Ask yourself these questions:

    Why didn't they release the open hole logs?

    Or conduct a dst and televise it?

    When (if) the current set of thieves leave power the next group will have to audit YPF, ANSES, BCRA, ETC - to see if anything actually ever did exist.

    -------------------------------

    www.transparency.org/cpi2014/results

    Internationally #107 with a 34 score.

    ------------------------------------------------------------

    Enrique Massot: “Here It is, all the issues of a nation of forty-some million people explained in just seven words. We are all liars.”

    May 26th, 2015 - 02:56 pm 0
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