YPF Makes Oil And Gas Discovery In Patagonia


BUENOS AIRES, Aug 24 (Reuters) - Argentine state-controlled oil company YPF said on Sunday that it had struck oil and gas at a well drilled in Patagonia.

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.

Located in the province of Santa Cruz, where President Cristina Fernandez first rose to power, the discovery is a rare piece of good news for the president, who is struggling with an economy in recession and recent debt default.

Argentina needs more oil and gas production to halt a drain on central bank dollar reserves caused by expensive energy imports.

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.

(Reporting by Walter Bianchi, Writing by Rosalba O'Brien; Editing by Diane Craft)

Copyright 2017 Thomson Reuters. Click for Restrictions.


Click on the button below to add a comment.
Post a Comment
Generated by readers, the comments included herein do not reflect the views and opinions of Rigzone. All comments are subject to editorial review. Off-topic, inappropriate or insulting comments will be removed.

Related Companies

Our Privacy Pledge

Most Popular Articles

From the Career Center
Jobs that may interest you
Enterprise Architecture - Utility
Expertise: Asset Management|IT - Software Development
Location: Houston, TX
Senior Geotechnical Engineer
Expertise: Geoscience Technician|Geotechnical Engineer
Location: Bothell, WA
Environmental Geologist
Expertise: Chemical Engineering|Geologist
Location: Tacoma, WA
search for more jobs

Brent Crude Oil : $50.97/BBL 1.53%
Light Crude Oil : $48.75/BBL 1.79%
Natural Gas : $2.92/MMBtu 0.68%
Updated in last 24 hours