• 4 minutes Reuters: OPEC Ministers Agree In Principle On 1 Million Barrels Per Day Nominal Output Increase
  • 9 minutes Could Venezuela become a net oil importer?
  • 15 minutes Oil prices going Up? NO!
  • 2 hours The Tony Seba report
  • 3 hours Reuters: OPEC Ministers Agree In Principle On 1 Million Barrels Per Day Nominal Output Increase
  • 2 hours Harley-Davidson "Made in EU"
  • 1 hour Could Venezuela become a net oil importer?
  • 43 mins Time Of Recession - China and Europe Are Warning That A Trade War Could Trigger A Global Recession
  • 3 hours Erdogan After Erdogan: New Presidential Mandate After Yesterday's Elections
  • 7 hours LNG Shortage on the Way
  • 3 hours The U.S. Will Soon Give North Korea a Timeline of 'Specific Asks
  • 13 hours Kenya Eyes 200+ Oil Wells
  • 13 hours Are Electric Vehicles Really Better For The Environment?
  • 5 hours Sell out now or hold on?
  • 17 hours Renewables to generate 50% of worldwide electricity by 2050 (BNEF report)
  • 22 hours Saudi Arabia turns to solar
  • 13 hours OPEC soap opera daily update
  • 1 hour Could oil demand collapse rapidly? Yup, sure could.
  • 5 hours No LNG Pipelines? Let the Trucks Roll In
Saudi Oil Minister: OPEC+ Agreement Is Just The Beginning

Saudi Oil Minister: OPEC+ Agreement Is Just The Beginning

Saudi Oil Minister Khalid al-Falih…

Serving The 2 Billion Unbanked: A New Trillion Dollar Market

Serving The 2 Billion Unbanked: A New Trillion Dollar Market

Fintech, alongside blockchain, has been…

Pan American Energy Plans US$1.4 Billion Investment in Argentina

Argentina drilling

Pan American Energy (PAE) of Argentina could soon announce plans to invest some US$1.4 billion in its home country, based on statements made by anonymous sources to Reuters.

Some of the funds will reportedly be spent on the Cerro Dragón oil field located in the San Jorge Gulf basin of the southern province of Chubut. PAE deemed Cerro as its “main asset” in the area with oil output of 98,000 barrels per day (bpd) in 2014 and the third largest gas producer in Argentina.

The unit of BP is also expected to make further investments in the provinces of Neuquén and Tierra del Fuego.

PAE extracts shale gas in the province of Neuquén, and started exploring for unconventional oil there in 2011. Among the sites controlled by PAE is the Lindero Atravesado block where the firm has been able to double its output, and is a partner at third and fourth largest gas production blocks in Argentina, Aguada Pichana, and San Roque, respectively.

PAE has reported a 34 percent rise in its oil output in Argentina between 2001 and 2015; thus increasing to 108,000 bpd. The company’s production of gas rose 67 percent to 19 million cubic meters per day in the same period.

Related: The Fuel That May Halt The Electric Car Revolution

The official announcement of the investment is expected to be made following a meeting by PAE executives and President Mauricio Macri on Thursday.

As mentioned by the Argentine press, the announcement could provide a boost to Macri following his controversial decision to raise gas and electricity rates. He claimed they were needed to prevent a potential energy crisis that he blamed on policies under his predecessor, Cristina Fernandez de Kirchner. An outcry against his actions led to a legal challenge filed by consumer rights groups and a federal court on 6 July placed an injunction against the rate hike.

By Erwin Cifuentes 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