CHEVRON IS LOOKING FOR INVESTORS FOR A SHALE GAS PILOT PROJECT IN VACA MUERTA
Besides being associated with YPF in Loma Campana (the largest unconventional project in Argentina), Chevron also holds El Trapial, a mature reservoir that became to be, at the beginning of the last decade, the second largest oil deposit in the country. The reservoir has now entered into the last years of its natural maturity. Its production is around 1230 cubic meters per day, a sixth part of its production in the past.
In such scenario, Chevron is expecting to find unconventional opportunities in the field. In this direction, it has already drilled two delineation wells in the area, and now, it has designed a more ambitious pilot project to evaluate the shale gas production in Vaca Muerta. Chevron is planning to place eight horizontal wells of between 15 and 25 fracking stages in the southeastern region of El Trapial.
The American oil company is currently looking for alternatives to solve the economic-financial equation of the initiative, which will demand an investment over US$ 100 million, in particular a partnership. This comes in a context in which many companies were forced to cut off their capex throughout the world due to the oil & gas industry crisis (although the recovery, oil price is still around US$50)
ISOLUX CORSAN SPANISH HOLDING SELLS ITS WIND FARM FOR $25 MILLION
Amid the bidding process for the development of renewable energy in Argentina, the Spanish group Isolux Corsan is on plan to sell the controlling wind farm in Chubut, located in the town of Loma Blanca, north of Trelew. The European holding company negotiates to lease the park which began producing electricity in 2013, for $ 25 million (22.7 million euros). For such purpose Isolux reached an agreement with Sideli and Sidsel companies to cede control of the site which houses 17 turbines Alstom 3 MW each, totaling 51 MW6 and produces 183 GWh per year, enough to supply the annual consumption of 70,000 households.
The initial project included building three more stages to reach an installed capacity of 200 MW and energy to supply 250,000 homes. Sources close to the Spanish company admitted the operation. They explained that the purchasing companies were registered on 7 September in the Official Gazette. Both have the same directory, the same headquarters and the same object. Both Sideli as Sidsel have among its partners Payaslian Victor Mariano and Maria Lorena Fuchs. The headquarters are in Buenos Aires and both were created with a special purpose and share the same goal of exercising financial and investment activity by providing capital, creation of companies, temporary association, joint ventures, consortia and in general all types of associative contracts, as explained in his letter. According to Isolux Corsan, the price of the transaction includes the four phases of the wind farm. A Sdeli is handed over control of the park in the current way in which it operates, and Sidsel development rights of the other three stages of development.
The transaction must still be approved by Enarsa and National Trust. This is because the park was built under the plan Genren controlled by Enarsa, and to National Trust oversees interest loan to Isolux for development. Local spokespeople explained that the sale is part of a divestment plan in all sectors that are not linked to the construction globally. The goal is to reduce debt and the sale of the park is the first important part of the process to stabilize the financial situation generating 400 million euros as part of an agreement sealed with creditor banks.
YPF WAS AUTHORIZED THE EXPLOITATION OF NINE OIL AREAS IN MENDOZA
After major exploration work conducted by the company YPF in the Mesa Verde oil area, the Governor of the Province of Mendoza signed a decree granting YPF a concession for a period of 25 years to perform the tasks of commercial exploitation in nine oil wells in the departments of Tupungato and Rivadavia.
The company YPF began its exploration work in areas 17B CC and B (Argentina Plan), which, besides the two mentioned departments, covers Santa Rosa, yielding positive results in the formation Rio Blanco. Because of these discoveries and demonstrations in wells drilled earlier, the company requested the declaration of commerciality of the Mesa Verde area.
The Undersecretary of Energy and Mining, Emilio Guiñazú, commented that "this administrative step, which is the transfer to a contract of commercial exploitation, is very good because it means that money was invested in exploring Mesa Verde gave good results and most importantly, it becomes a real increase in reserves in the province ".
For a period of 25 years, with the hiring of 120 jobs, the company will held a total of nine wells in the area: three development wells, three advanced wells and three extension, ensuring the viability and sustainability of the project. Investments committed to work on the wells are around 37.3 million dollars, plus u$s 10,410,000 to be carried for additional works.
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