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Page added on November 11, 2013
Argentina makes onshore oil discovery
Argentine oil company YPF said it had made an oil discovery in the country’s western province of Mendoza, containing estimated reserves of about 15 million barrels of crude oil.
“Tests carried out at various depths, all productive, give an initial production estimate of 535 barrels of oil per day,” the company said in a statement on Sunday.
YPF said it would continue to explore the Neuquina basin, where the El Manzano block where the discovery was made is located.
Argentina has been obliged to import energy in recent years after a fall in the domestic production of natural gas and oil, as reserves have matured and investment has fallen. That spurred the government to expropriate control of YPF in 2012 from Spanish group Repsol.
YPF is seeking private investment to finance part of the $32.6 billion it needs over the next five years to increase production.
4 Comments on "Argentina makes onshore oil discovery"
krishna on Mon, 11th Nov 2013 2:41 am
we are going to finish 15 million barrels in less than 1/4th of the day…and it is a big discovery
Luke on Mon, 11th Nov 2013 7:30 am
Argentina will probably soon join the OPImportingC….
BillT on Mon, 11th Nov 2013 9:37 am
In other words: SUCKERS WANTED!
15,000,000 bbls estimated. Even IF they got every drop, that is a day’s worth for the US.
mike on Mon, 11th Nov 2013 4:15 pm
Still, better than shale and deep oil though. Argentina should see a little uptick in their economy for a couple of years once this get’s going. I stress couple of years of course.