MHE Invest $ 200m in Oil Exploration

Source: www.gulfoilandgas.com 1/31/2014, Location: South America

Minister of Hydrocarbons and Energy, said "last year was passed in the Legislative Assembly seven contracts for exploration and exploitation of hydrocarbons. In its first phase these contracts will have an investment of around U.S. $ 200 million, that is not within budget by 2014 YPFB management. "

The statement was made at the opening of the Gas Processing Plant Natural Itau located on Block XX Tarija Oeste - Itau field, located in the province Gran Chaco, Tarija department.

The seven contracts approved in 2013 are: Sanandita area, located in Tarija and Chuquisaca Azero area in Santa Cruz and the San Miguel Isarsama areas in Cochabamba areas the Golden West and Cedar in Santa Cruz and Tarija Huacareta area and Chuquisaca.

"In total we are talking about more than 1.5 million hectares have been approved in the Legislature where oil exploration activities will be developed many of these contracts are already protocolized, ie already in effect, and are investments that will add "noted the Minister Sosa.

Exploration 2014
By 2014, it has five new exploration, Sosa explained in Sunchal area in Tarija, Carohuaicho areas 8A, 8B Carohuaicho Santa Cruz, Santa Cruz Carohuaicho 8D and finally the eastern Chuquisaca and Santa Cruz area.

According to the present management YPFB plans to invest a total of U.S. $ 3.029 million in the hydrocarbon sector, of which U.S. $ 425 million in the field of hydrocarbon exploration, with the drilling of 23 wells.

Exploratory wells in Tarija
Sosa said that at present are drilling two wells in the department of Tarija. The first well Caigua, in the Villamontes "the target is 3505 meters and 3500 meters are in date we lack fifteen feet to reach the goal, we'll see if the potential well done that it can be economically viable."

Another hole is being drilled between Villamontes and Yacuiba is the Timboy well, "is scheduled at a depth of nearly 4,000 meters, are in the 1160 meters to date, there is great expectation, hoping that this well out producer because from it is to revalue the entire basin, "concluded the Minister.


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Related Categories: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Industrial Development  Insurance  Investment  Mergers and Acquisitions  Risk Management 

Related Articles: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Industrial Development  Insurance  Investment  Mergers and Acquisitions  Risk Management 


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