YPF discovers oil and gas wells in Chile

The Chilean subsidiary of Argentine company YPF found oil in Tierra del Fuego after five years of exploration in the southernmost area of Chile. The information was released last Wednesday (08/07).

The discovery consists of 18 wells with over 11,000 m3 of crude oil and 7m m3 of gas, which will allow commercial exploration of the fuel for 20 years.

The indicated explorations were carried out thanks to a special contract that the company has maintained with Chile since 2012. The extracted oil will be sold to the Chilean ENAP (National Oil Company) according to the agreement signed in January 2019.

According to CNN Chile, the company expects to start exploring the resource starting March 2020. It is awaiting approval by the Chilean Environmental Assessment Service to invest US$27m in the construction of a transfer station.

Chilean ENAP and Argentina’s YPF want to explore new opportunities for hydrocarbon supply cooperation, taking advantage of Vaca Muerta’s crude potential and possible joint oil exploration projects in Tierra del Fuego, both in Chile and Argentina.

Source: MundoMarítimo

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