Repsol Confirms Oil Find in Argentina's Neuquen Basin
BUENOS AIRES (Dow Jones), Dec. 1, 2009
Repsol's Argentine unit YPF on Tuesday confirmed newspaper reports that it has found oil in the Neuquen Basin, but said it is still too early to talk about the size of the reservoir.
A well at the site has produced a total of about 11,000 cubic meters of crude over the last six months, a spokesman for YPF said.
That is well above the average lifetime production of between 60,000 and 70,000 cubic meters for wells in that region, the spokesman said.
A further 12 wells will be drilled on the field in coming months, he said.
The company was in the process of preparing the reports to file with securities regulators when Neuquen Gov. Jorge Sapag on Monday revealed the discovery, leading to reports in local newspapers on Tuesday.
The company denied a report in the Clarin newspaper that the find could result in output of up to 90 million barrels a year. YPF doesn't yet have an estimate for the total size of the field, the spokesman said.
YPF owns more than 54% of La Caverna well, which also has BP PLC, Bridas and Wintershall Energy as partners.
Copyright (c) 2009 Dow Jones & Company, Inc.
- Ex-Schlumberger Chief to Acquire Biggest Shale Pipe Servicer (Oct 19)
- BP Thunder Horse Expansion in Gulf of Mexico Starts Early (Oct 18)
- Oil Drillers' Rocky Mountain High Threatened by Colorado Vote (Oct 17)
Company: Repsol more info
- Sources: Spain's Repsol Hires Tanker For Iran's Pars Oil As Sanctions Loom (Jun 19)
- Total Signs Deal to Extend TFT Gas Field License in Algeria (Jun 11)
- Repsol Asks Vietnam For Compensation After Drilling Project Halted (May 04)
Company: Wintershall more info
- The $20B Race to Eclipse Norway's Elite Oil Producers (Sep 13)
- Wintershall's Libya Oil Output Sharply Lower At 10,000 Bpd (Aug 28)
- Kremlin Accuses Trump of Trying to Bully Europe into Buying US LNG (Jul 12)