Pan American Energy (PAE) committed an investment of US $ 250 million To explore an area without a history with unconventional gas activity in the San Jorge Gulf, in Chubut.
The family’s oil company Bulgheroni converted the area of Cerro Dragon In an unconition of hydrocarbons after verifying the Existence of Shale Gas Within the training D 129, he explained this morning after an act he performed at Feruglio Museum, Trelew.
In this regard, he informed that he found that “These resources are accessible with technology currently available in the Cerro Dragon area ”and clarified that”will continue with the conventional activity that develops For almost 70 years in Chubut. ”
Marcos BulgheroniGroup CEO of Pae, said in this regard: “For 70 years we invest in a sustained way in the San Jorge Gulf and our work allowed Cerro Dragon to the largest producing area of conventional hydrocarbons in the country. Today we are the first to explore the basin with Shale target And we are confident to develop it. ”
The executive thanked Chubut’s governor, Ignacio Torresfor “his predisposition to work together with the technical teams in the conversion of the area that will allow to counteract its decline and open a new horizon investment in the San Jorge Gulf. ”
For his part, Torres stressed that it is “A historical milestone that opens the door to a new stage in the province“.” We have a basin with mature wells that demands greater productivity and efficiency for its development. PAE’s verification on the existence of Shale Gas opens a new productive opportunity and adds to other energy sources that we are going to develop. The reconversion of the area is a clear and predictable signal for new investments to arrive. We are optimistic that we can have good news about the unconventional potential after the execution of the committed pilot plan, ”he added.
Chubut will receive income for about US $ 90 million during the next five years for the concession of the concession. The development of the area will add greater income to the province for royalties associated with the new unconventional production and for the greatest activity in the basin.
“PAE found the existence of shale gas Through the interpretation of seismic 3 d, the analysis of the data of pre -existing wells and the drilling of a well that together verified the presence of intervals between 70 and 150 meters thick In areas located less than 3,500 meters deep within training D 129, ”the company explained in a statement.
And he pointed, additionally, that the perforated well confirmed “The forecast of the expected hydrocarbon type (wet gas) and that the objective interval is at a level of favorable overpressure for productivity in unconventional deposits. ”
In that sense, he based the request for reconversion in the Execution of a pilot plan with objective non-conventional which includes the Five well drilling up to 3,500 meters deep in its vertical axis and up to 3,000 meters on its horizontal axis.
Thus, based on the result of the geological studies obtained, the company exercised the right granted by the Federal Hydrocarbons Law 17,319 and National Decree No. 1057/24 (articles 27 bis and 30, respectively) and requested the province of Chubut The conversion of the Cerro Dragon concession in an unconventional hydrocarbon exploitation concession, which was Authorized by provincial decree for a period of 35 years.
Given the long term required for unconventional development and by application of article 35 of Law 17,319 in order to the magnitude of the investment, 10 years are added to the indicated term.
The first one was already drilled With 1,500 meters of lateral branch and 25 stages of fracture spaced every 60 meters, checking the operational viability and the existence of shale gas. Additionally, PAE will implement Tertiary recovery techniques in more than 50 wells compromising an investment close to US $ 250 million detailed.
In the period of validity of the unconitioning concession, PAE will develop A Scholarship Program for Training from oil, geophysical and geologists engineers will prioritize the hiring of local suppliers; and will hold a loan guarantees program for SME ventures in the province of Chubut.