• 4 minutes Will Libya Ever Recover?
  • 9 minutes USGS Announces Largest Continuous Oil Assessment in Texas and New Mexico
  • 13 minutes What Can Bring Oil Down to $20?
  • 16 minutes Venezuela continues to sink in misery
  • 18 hours Alberta govt to construct another WCS processing refinery
  • 5 hours Rage Without Proof: Maduro Accuses U.S. Official Of Plotting Venezuela Invasion
  • 9 hours Paris Is Burning Over Climate Change Taxes -- Is America Next?
  • 9 hours Instead Of A Withdrawal, An Initiative: Iran Hopes To Agree With Russia And Turkey on Syrian Constitution Forum
  • 20 hours Let's Just Block the Sun, Shall We?
  • 10 hours Water. The new oil?
  • 6 hours Storage will in time change the landscape for electricity
  • 2 days Quebecans Snub Noses at Alberta's Oil but Buy More Gasoline
  • 2 days U.S. Senate Advances Resolution To End Military Support For Saudis In Yemen
  • 2 days OPEC Cuts Deep to Save Cartel
  • 9 hours Regular Gas dropped to $2.21 per gallon today
  • 2 days Global Economy-Bad Days Are coming
Libya Declares Force Majeure On Largest Oil Field

Libya Declares Force Majeure On Largest Oil Field

After a week’s blockade by…

Canadian Crude Price Spike Won’t Last

Canadian Crude Price Spike Won’t Last

The price spike in Canadian…

Argentina Opens Up “Last Frontier” For Oil with Offshore Block Tender

rig offshore

Argentina has announced the launch of an offshore oil and gas block tender in what it says is the last frontier for oil and gas exploration in the southern hemisphere. S&P Global Platts quoted the country’s Energy Secretary Javier Iguacel as saying there was a lot of interest in the blocks, mainly because Argentina’s substantial offshore territory is untapped.

According to Iguacel, the geology of Argentina’s continental slope, where the shelf falls into deep water, is similar to the geology of Suriname and Guyana, where oil and gas finds have been made recently. Guyana has become a particularly attractive destination after Exxon announced a whole string of promising discoveries off the country’s shore. Argentina seems to be hoping to repeat this success.

The Energy Secretariat is offering 38 blocks, in depths ranging from 100 to 4,000 meters, in three basins, taking in bids in February. To boost the number of bidders, the ministry will go on road shows in Buenos Aires, Houston, and either London or Paris, Iguacel also told S&P Global Platts.

Argentina’s government has been eager to put the country’s oil and gas resources to good use, offering explorers substantial incentives to develop them. Yet the offshore area has not been a priority so far. Instead, all eyes have been on the giant Vaca Muerta shale formation, possibly the second-biggest in the world, after Eagle Ford. The formation is estimated to hold some 16.2 billion barrels of crude oil and 308 trillion cu ft of natural gas.

So far, president Mauricio Macri has announced US$5 billion investments for the development of the giant play, with private companies having pledged some US$8 billion. If the offshore tender is successful, it could also fetch billions in investments and could be followed by more tenders for Argentina’s sizeable offshore domain.

By Irina Slav for Oilprice.com

More Top Reads From Oilprice.com:



Join the discussion | Back to homepage

Leave a comment

Leave a comment

Oilprice - The No. 1 Source for Oil & Energy News