MADRID, 11 May. Spanish oil company Repsol-YPF, Argentina announced the discovery of a potential source of unconventional oil resources, equivalent to about 150 million barrels of oil in an area of 330 square kilometers of the municipality Loma de La Lata, located in Argentina's Neuquen province (west).
"These flow rates compare very favorably with similar fields in the U.S. and Canada, so far the only countries with significant production records resources of this nature," includes the statement released by the oil company through their website. Following this discovery, the company "will start the pilot development in an area of 25 square kilometers and the delineation of 200 square kilometers, so that by the end of this year has drilled 17 new wells and existing broken 14 in an operation entailing a total investment of 270 million dollars (million euros).
Thus, the company "began the first massive oil development from unconventional reserve in the world outside North America", since "as in the United States, these resources represent an opportunity to generate potentially new reserves in the future. " For its part, Argentina's President Cristina Fernandez de Kirchner, has held that this finding is the "most important" in recent years, representing an increase of 28 percent of YPF's oil reserves and 6 percent the South American country.
"(This) is not only an announcement of something that starts to get, but that underpins the growth of Argentina (...). This will allow us to continue supporting and promoting - even more - the development of all Argentines, "said the president, from the Casa Rosada, was quoted by Telam. 
"These flow rates compare very favorably with similar fields in the U.S. and Canada, so far the only countries with significant production records resources of this nature," includes the statement released by the oil company through their website. Following this discovery, the company "will start the pilot development in an area of 25 square kilometers and the delineation of 200 square kilometers, so that by the end of this year has drilled 17 new wells and existing broken 14 in an operation entailing a total investment of 270 million dollars (million euros).
Thus, the company "began the first massive oil development from unconventional reserve in the world outside North America", since "as in the United States, these resources represent an opportunity to generate potentially new reserves in the future. " For its part, Argentina's President Cristina Fernandez de Kirchner, has held that this finding is the "most important" in recent years, representing an increase of 28 percent of YPF's oil reserves and 6 percent the South American country.
"(This) is not only an announcement of something that starts to get, but that underpins the growth of Argentina (...). This will allow us to continue supporting and promoting - even more - the development of all Argentines, "said the president, from the Casa Rosada, was quoted by Telam.
- YPF Makes Argentina's Largest Oil Discovery in Two Decades (11/05/2011)
- Argentine Eskenazi Pays Repsol $1.3 Billion to Boost YPF Stake (04/05/2011)
- Eskenazi Buying 10% of YPF From Repsol for $1.3 Billion (04/05/2011)
- YPF Bonds Yields Tumble as Argentine Eskenazi Boosts Stake (05/05/2011)
- UPDATE 1-Private investors buy 3.83 pct of Repsol's YPF (14/03/2011)
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