Neuquen Signs Contract with Consortium for 3 Blocks

Argentina's Neuquen province energy minister Eduardo Carbajo has signed an exploration contract for three high-risk areas with a consortium of three companies, the provincial government said in a statement.

The companies - Ingenieria Alpa, Petrocondor Argentina and Compania Exploradora Midas - will invest US$10mn to explore the Totoral, Yerba Buena and Bajada Colorada blocks.

Exploration works entail drilling eight wells to 1,500m depth, 100 sq km of 3D seismic surveys, 50 sq km of 2D seismic and the reprocessing of existing seismic data.

The blocks have a combined 4,589 sq km area.

If a hydrocarbons discovery is made, Neuquen province-controlled oil company Hidenesa would participate with a 10% stake in addition to the province's 12% royalty rate.

The agreement also calls for a second stage in which the companies would evaluate the geologic characteristics and exploratory potential of another medium-risk area, the statement said, without providing details on the area.

Visit BNamericas to access our real-time news reports, 10-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.

Events  SUBSCRIBE TO OUR NEWSLETTER

Our Privacy Pledge
SUBSCRIBE


Most Popular Articles


From the Career Center
Jobs that may interest you
Load Planner/ Dispatcher Frac Sand
Expertise: Dispatcher|Project Management
Location: Mansfield, TX
 
United States Houston: Marketing Specialist
Expertise: Business Development|Marketing|Sales
Location: Houston, TX
 
Project Engineer
Expertise: Electrical Engineering|Instrument & Controls Engineer|Project Management
Location: Deer Park, TX
 
search for more jobs

Brent Crude Oil : $48.06/BBL 2.51%
Light Crude Oil : $45.77/BBL 2.17%
Natural Gas : $2.97/MMBtu 2.30%
Updated in last 24 hours