Otto Energy, a major independent Australian oil and gas company has decided to formalize its 32 percent farm agreement with Oromin Explorations, which is a big company of Argentina oil and gas industry. It had previously examined Cuyana Basin in July 2008 and had declared that this area would have recoverable resources amounting to almost 131.6 million barrels.
This new deal of oil and gas industry in Argentina is regarding Santa Rosa field at Cuyana Basin in Argentina. Drilling is supposed to start by first six months of 2009. In a new development for oil and gas industry of Argentina Antrim Energy, a leading production and exploration company based in Canada, is expected to start production in Tierra del Fuego concession, which is located in south of Argentina.
RepsolYPF, a major Spanish and Argentine oil and gas company is bringing jack-up Ocean Scepter in order to drill a rig in San Jorge basin of Argentina. This would be start of an exploration program that has been awaited for a significant amount of time.
Oil and gas industry at Argentina has been affected badly by political crisis in Bolivia. So far deductions in amount of gas exports have been, more or less, negligible but if this crisis goes on for a longer time it would have serious impact on gas export scenario of Argentina.
Three biggest oil companies of South America – Enarsa, YPF and Enap Sipetrol – are going to pump $150 million in Argentine oil and gas industry. This money would be invested for offshore exploration activities in southern parts of Argentina.
Petrobras Energia, which is subsidiary of Petrobras, a state controlled oil and gas company of Brazil, in Argentina has declared that it would put in $500 million. This money would be invested in developing hydrocarbon resources at Santa Cruz province in Argentina.
In 2008 production of Argentina oil and gas industry decreased by 1.8 percent. It was seventh consecutive year when oil production had gone down. During this year production level achieved by Argentina oil and gas industry was 230 million barrels. There was a drop in production of natural gas in 2008 as well. In 2007 it was 1.79 billion cubic feet and it came down to 1.77 billion cubic feet in 2008.