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Is There Any Hope Left For OPEC?

Is There Any Hope Left For OPEC?

One day ahead of OPEC's…

Canadian Company Strikes Oil in Argentina’s Neuquen Basin

Canada’s Americas Petrogas and joint venture partner Gran Tierra Energy made a “significant discovery of oil” in the first of three exploration wells drilled in its Rinconada Norte bloc concession in Argentina’s Neuquen Basin.

The Rinconada Norte block covers 37 square miles immediately south of Americas Petrogas’ Medanito Sur bloc in La Pampa Province in Arngentina’s eastern Neuquen Basin.

Americas Petrogas said in a press release that its RN x-1004 well in the Medanito Sur bloc produced a flow at a test rate of approximately 944 barrels per day of oil and 13,360 cubic meters per day of gas, or 79 barrels of oil equivalent, for a total of about 1,023 barrels of oil equivalent per day.

The RN x-1004 well oil is 29.6 degrees API, sweet light crude similar to crude oil produced from the equivalent formation in Americas Petrogas' Medanito Sur bloc.

Americas Petrogas Argentina SA managing director  Guimar Vaca Coca said of the RN x-1004 well discovery, We are very excited about this new find on the first well of this three-well exploratory drilling program because of the strong production rates and possibility of significant commercial reserves. We are also optimistic about the prospects for the remaining two wells.”

By. Joao Peixe, Deputy Editor OilPrice.com



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