Wintershall Bags Argentina License
Wintershall has once again stepped up its activities in Argentina: Wintershall Energía S.A., a wholly owned subsidiary of Kassel-based Wintershall, has now been awarded the exploration permit for the Area CN-V (Cuenca Neuquina V) by the Mendoza Province. The area is located in the southernmost region of the Province and covers 369 square miles (956 square kilometers). Since 2004, Wintershall has performed field and lab-work over the whole surface, including geology mapping, geochemical analysis, geological modeling as well as 2D seismic reprocessing and interpretation. Recent evaluations indicate that the CN V Block has an important potential to explore and develop conventional and unconventional reservoirs (shale gas and shale oil) in two different sedimentary levels.
4th largest gas producer in Argentina
Wintershall has been active in Argentina since 1978, especially in the production of natural gas. The company has working interests in 15 oil and gas fields and is one of the largest natural producers in the country with an annual production of 27 million barrels of oil equivalent.
Off the coast of Tierra del Fuego Wintershall produces natural gas from the Carina and Aries natural gas fields, so far the largest natural gas production project offshore Argentina, together with the French company TOTAL and PanAmerican Energy (PAE). The consortium aims to produce a total of 56 billion cubic meters of natural gas, 3.4 million tons of condensate and 2.4 million tons of LPG (Liquefied Petroleum Gas) from the two natural gas fields by 2027. The subsidiary Wintershall Energía has a 37.5 percent working interest in this project.
This exploration commitment underlines once more that Wintershall Energía S.A. is determined to continue investing in Argentina on a long term basis. As the country's 4th largest gas producer, Wintershall plays a prominent role in oil and gas exploration and production in Argentina.
"The award of the CN-V exploration permit establishes Wintershall as operator. It represents an excellent opportunity to deploy the company's technical experience in unconventional reservoirs in the promising and fast growing shale projects in the Neuquen Basin, one of the most prospective shale oil and gas regions in the world," said Gustavo Albrecht, Managing Director of Wintershall Energía S.A.
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