State-controlled oil company YPF said Monday it found a conventional oil field in Rio Negro, a province in southern Argentina.
The Manzano Grande x-1 well is in the Los Caldenes block, which sprawls over 115 sq. kilometers (44 sq. miles) and is located north of the town of Cinco Saltos.
The well is estimated to hold about 40 million barrels of petroleum, YPF said in a statement.
YPF won the drilling rights to the Los Caldenes block in 2001 and the contract was extended until 2036 in the last round of negotiations with Rio Negro province.
Date: May 25, 2015