Snapshot: YPF’s Mendoza unconventionals hunt, Pilgrim Energy’s Río Negro gas bid
YPF
Argentine province Mendoza sits over around 30% of Vaca Muerta and state-controlled oil firm YPF is exploring the jurisdiction’s portion of the unconventional hydrocarbons formation.
YPF was recently given the green light to start a second exploration phase, of four years, at acreage CN VII A, after carrying out initial drilling work there as well as at Paso Bardas Norte under a US$17mn plan.
Second-phase work involves drilling a vertical well and two horizontal wells.
“This activity is vital to evaluate with greater precision the subsoil characteristics and determine the production of non-conventional hydrocarbons in the region,” the provincial government said in a statement.
Following first-phase drilling, CN VII A was producing 41m3/d, the government said in May.
Depending on results, several hundred wells could be drilled.
In terms of gas, Mendoza produced 1.57Mm3/d in June, according to data from the federal energy department. Of that, 1.43Mm3/d was conventional and the balance shale and tight.
Regarding oil, the province produced 9,033m3/d, with 8,900m3/d conventional and the rest shale and tight.
Over 55% of Argentina’s oil is shale, as producers ramp up output at Vaca Muerta. For gas, around 65% is shale and tight.
The bulk of upstream investment in Argentina is being pumped into Vaca Muerta assets in Neuquén province.
In July, Argentina produced 690,400b/d oil (109,764m3/d) and 152Mm3/d gas, according to data from local consultancy Economía & Energía.
Río Negro
Argentine driller Pilgrim Energy could land two hydrocarbons areas in Río Negro province.
Pilgrim submitted a private initiative to explore for gas at areas Jagüel de los Milicos (21.6km2) and Angostura (396km2).
Associated planned initial outlay is US$3.4mn and US$2.7mn, respectively.
If the project advances to a second exploration period, minimum outlay is set at US$9.83mn for Jagüel de los Milicos and US$6.0mn for Angostura.
In a decree the provincial government declared the project of public interest and authorized the launch of an auction for the rights to explore the areas and eventually extract, transport and sell hydrocarbons produced there.
One of Argentina’s smaller hydrocarbons firms, Pilgrim was granted preferential rights to improve its bid – if necessary – and in turn secure the acreage.
According to energy department operator data, Pilgrim produces oil and gas in Chubut province.
In terms of gas, Río Negro produced around 3.30Mm3/d in June. About 1.85Mm3/d was conventional and the rest tight.
Regarding oil, the province produced 2,917m3/d, with 2,660m3/d conventional and the rest tight.
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