Weekly Report - 23 October 2014 (WR-14-42)

PARAGUAY | Oil discovery. Seventy years after the first well was drilled in Paraguay, the country’s first major oil discovery was announced in the Pirity basin in the western Chaco region by the British company President Energy on 20 October. The company said its Lapacho well may hold about 200m barrels of conventional light oil, and that it should be able to confirm through testing whether it is commercially viable by the end of November and begin first phase production as soon as next year.