On the vast, desolate plains of southern Patagonia, Compañía General de Negocios is stepping up drilling and exploration where few companies operate, an emerging trend of widening the search for oil and natural gas in Argentina. “The resource is very large,” Hugo Eurnekian, president of the Argentinian company, said of southern Santa Cruz province. “If this resource was in the United States, there would be hundreds of companies working, but there are only three.” CGC, as the company is known, has made a series of oil and gas discoveries since 2015, when it acquired more than two dozen fields in the area, part of the Austral Basin. “In the last three years, we have more than doubled our gas production,” Eurnekian told S&P Global Platts. CGC appears to be onto something—and willing to step up the pace. It is completing more than 100 wells drilled over the last three years, the biggest campaign in the past two decades in that part of the basin. It is also shooting 2,500 sq. km (618,000 acres) of 3-D seismic. The efforts, however, beg the question “why?” Most companies drilling in Argentina are focused on Vaca Muerta, a shale play in the Neuquen Basin… continue reading
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Source: CTRM Center