Argentina's CGC Says Strikes New Natgas Deposit in Patagonia
BUENOS AIRES, Sept 29 (Reuters) - Argentine energy company Compania General de Combustibles (CGC) said on Tuesday it had discovered a new natural gas deposit in the southern Santa Cruz province, with reserves estimated at 40 to 50 billion cubic feet.
The energy producer, run by Argentine business magnate Eduardo Eurnekian's Corporation America, this year bought 26 gas fields and infrastructure from Petroleo Brasileiro SA in Patagonia's Austral basin.
"The exploratory well Morena Sur has tested an initial rate of approximately 100,000 cubic meters per day," CGC said in a statement. "It is estimated that the new discovery could increase the gas reserves in the Austral basin by an extra 40 - 50 billion cubic feet."
CGC is focused on conventional hydrocarbons while foreign energy firms are investing in Argentina's vast-but-barely-tapped shale resources.
(Reporting by Maximiliano Rizzi, writing by Richard Lough; Editing by David Gregorio)
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