Weekly Report - 15 November 2012 (WR-12-45)

ARGENTINA | New shale oil and gas discovery. On 12 November Petrobras Argentina, the local subsidiary of Brazil’s state-run oil firm, Petrobras, announced that it had discovered a new commercially-viable shale oil and gas deposit at its Puesto Peter exploration bloc in the Southern province of Santa Cruz. In an official statement, the company said the deposit was found after it drilled a 3.2km-deep well in the Springhill rock formation, in the northern part of the Puesto Peter bloc, located 140kms from the provincial capital of Río Gallegos. The well, ‘Estancia Campos x-1’ may hold some 11m barrels of oil equivalent. It is sited close to Petrobras Argentina’s existing well in the Puesto Peter bloc, which is currently producing 78 barrels of shale oil and 240,000 cubic metres of shale gas a day. This is the second such discovery by Petrobras Argentina this year in Santa Cruz. In June the firm announced a shale hydrocarbons deposit at the La Cancha x-1 well in the Agua Fresca bloc, also located in Santa Cruz province.

End of preview - This article contains approximately 749 words.

Subscribers: Log in now to read the full article

Not a Subscriber?

Choose from one of the following options

• Subscribe
• Sign up for a one-time, 14-day trial