Petrolifera Increases Production 60% in Neuquen Basin
The increase in the production rate follows completion of arrangements to have the additional volumes of light gravity crude oil treated at a third party treatment and processing plant before sale. A minor processing fee is paid to the third-party owner of the processing plant.
As with the company's recent base production, incremental volumes will be trucked to market until the company completes a new and expanded onsite treatment facility and the construction of a new six-inch pipeline, anticipated for completion on or about October 1, 2006. The material required for these new facilities and the required pipe and related instrumentation have been ordered and construction planning and design work is progressing favorably.
Petrolifera is also negotiating with another oil company to further augment its production and sales volumes. Further developments in this regard will be reported to shareholders when and if negotiations are finalized.
The incremental oil is presently being produced from the RN. PM.a-1010 development well and supplements volumes which are primarily being produced from the RN.PM.x-1003 well and to a minor extent from the old stripper wells in the Puesto Morales Sur field.
Petrolifera Petroleum Limited is a Calgary-based oil and natural gas exploration and production company with operations in Argentina and onshore Peru, where over 5 million acres of exploratory rights are held under two licenses in the Maranon and Ucayali Basins.
- Falcon Oil Declares Commercial Flow Test Results for Shenandoah Well
- UK Oil Regulator Publishes New Emissions Reduction Plan
- Japan Failing to Meet Corporate Demand for Clean Power: Amazon
- PetroChina Posts Higher Annual Profit on Higher Production
- McDermott Settles Reficar Dispute
- Macquarie Strategists Expect Brent Oil Price to Grind Higher
- US, SKorea Launch Task Force to Stop Illicit Refined Oil Flows into NKorea
- Russian Navy Enters Warship-Crowded Red Sea Amid Houthi Attacks
- Pennsylvania County Joins List of Local Govts Suing Big Oil over Climate
- Equinor Makes Discovery in North Sea
- Standard Chartered Reiterates $94 Brent Call
- India Halts Russia Oil Supplies From Sanctioned Tanker Giant
- DOI Announces Proposal for Second GOM Offshore Wind Auction
- Centcom, Dryad Outline Recent Moves Around Red Sea Region
- PetroChina Set to Receive Venezuelan Oil
- Czech Conglomerate to Buy Major Stake in Gasnet for $917MM
- US DOE Offers $44MM in Funding to Boost Clean Power Distribution
- Oil Settles Lower as Stronger Dollar Offsets Tighter Market
- UK Grid Operator Receives Aid to Advance Rural Decarbonization
- Chinese Mega Company Makes Major Oilfield Discovery
- VIDEO: Missile Attack Kills Crew Transiting Gulf of Aden
- Norway Regulator Blasts Proposal to Halt New Oil and Gas Permits
- Chinese Mega Company Makes Another Major Oilfield Discovery
- What Is the Biggest Risk to Offshore Oil and Gas Personnel in 2024?
- Vessel Sinks in Red Sea After Missile Strike
- Exxon Rights in Stabroek Do Not Apply to Hess Merger with Chevron: Hess
- Analysts Reveal Latest Oil Price Outlook Following OPEC+ Cut Extension
- Equinor Makes Discovery in North Sea
- Standard Chartered Reiterates $94 Brent Call