UTE is 52%-controlled by Anglo-Argentine firm Pan American Energy (PAE). The well is part of a US$110mn project to produce an additional 2.5 million cubic meters a day (Mm3/d) on top of the current 5.5Mm3/d.
The project involved drilling the Macueta 1001 well and building a 60km gas pipeline from Macueta to the town of Piquirenda, where the capacity of the company's gas-processing plant has been expanded to 8Mm3/d from 5.5Mm3/d.
The project aims to supply northwest and central Argentina's residential and industrial consumers, the statement said.
Spanish oil major Repsol YPF (NYSE: REP) holds a 22.5% stake in UTE Acambuco, while O&G, an affiliate of Anglo-Dutch oil major Shell (NYSE: RDS-B) holds 22.5%. Apco Argentina, majority owned by US oil company Williams and local firm Northwest Argentina, each hold 1.5%.
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