YPF head Miguel Galuccio has announced the state-owned petroleum company discovered a “very important” unconventional oil reserve in the northern border of Neuquén province, near Mendoza.
“We have discovered oil for the third time in an unconventional site,” said Galuccio during a press conference in Tecnópolis.
“This oil well is going to be very important for the province of Mendoza [as the well will be managed from that province]; we cannot say what production level it will have, but it will be very important.”
Exploration processes in the area began in May together with the works done for the Vaca Muerta oil field.
Asked about Vaca Muerta financing prospects, Galuccio said YPF still has “about US$1.5 billion to be used if any short term inconveniences occur.”
Date: August 14, 2014