Argentina's YPF strikes oil in south Patagonia

May 26, 2015 12:00 AM

Argentina's oil and gas government managed corporation YPF announced the discovery of a new oil field in Los Caldenes, in Patagonia Rio Negro province, with resources estimated in 40 million oil barrels. Manzano Grande x-1 is the second “discoverer well” in this block of 115 square kilometers located north of the Cinco Saltos town.

“Last year we drilled another well of similar characteristics in Los Caldenes with resources calculated in 15 million oil barrels. Based on this information and analyzing seismic studies we were able to reach this new finding that broadens the resource horizon within the block,” affirmed Carlos Colo, YPF Exploration Executive Manager.

The concession of the Los Caldenes area was given to YPF in 2001 and with the last contracts renegotiation in Rio Negro, it was extended up until 2036.

The company indicated that “this new finding is the result of the renewed exploration effort that YPF has made since 2012.”

Argentina nationalized YPF in 2012 after accusing its former parent, Spain's Repsol SA, of under-investing and thereby generating a costly energy deficit for the country's economy.

Argentina hopes that by increasing investment in the vast Vaca Muerta oil and gas shale formation, also in southern Patagonia, it will be able to reduce energy imports, which among other items and policies are draining its low foreign reserves.

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