The consortium reactivated works on its only well in the area two weeks ago and already has invested US$65mn to develop the area, according to the statement, which cites a meeting with company executives. The US$65mn is not part of the planned US$170mn investment.
The 3,700m-deep well is producing 1,000 barrels of crude a day (b/d), but the company aims to begin producing up to 2,700b/d. The new investment planned for the area includes drilling as many as 60 wells.
The discovery "could be qualified as one of the most important crude discoveries made in Mendoza in the past 25 years," the statement said.
The Trebol-Chanares consortium is composed of Norwegian oil company Petrolera El Trebol and local oil company Chanares Herrado.
El Trebol also is working city MalargŁe's Puesto Rojas zone in Mendoza and likely will begin drilling the area before the end of the year, according to the statement.
Visit BNamericas to access our real-time news reports, 7-year archive, Fact File company database, and latest research reports. Click here for a Free two week trial to our Latin America Oil & Gas information service.
Most Popular Articles
From the Career Center
Jobs that may interest you