December 6, 2013
Offshore gas in tierra del fuegoThursday, October 24, 2013
Total unveils US$1B projects
Total Austral along with Pan American Energy (PAE) and Germany’s Wintershall will invest at least US$1 billion in two offshore gas projects in the Tierra del Fuego province.
The two projects are expected to produce an additional 7.5 million cubic metres per day of natural gas, which could grow to 11.5 million cubic metres per day.
The Planning Ministry said that 7.5 million cubic metres per day is the equivalent to the average demand of 2.5 million homes.
The announcement was made in the Intercontinental Hotel yesterday, with the presence of several high-ranking officials, including Vice President (and acting president) Amado Boudou, Planning Minister Julio De Vido, Economy Minister Hernan Lorenzion and Deputy Economy Minister Axel Kicillof.
There were two projects announced yesterday.
First, at least US$850 million will be spent in installing a new drilling platform 25 kilometres offshore in the Vega Pléyade oil field in a project that will also include a 75 kilometre gas pipeline.
The project is expected to enter into production in the third quarter of 2015, producing 6 million cubic metres per day of natural gas, to eventually reach a maximum of 10 million cubic metres per day.
The second project, which is expected to cost at least US$150 million, involves drilling two new wells at the Carina offshore field, adding 1.5 million cubic metres per day to the eight million cubic metres per day the oil field is currently producing.
“This confirms once again the commitment of the Total Group and its partners to continue contributing to the long-term supply of natural gas in the country,” Rielo added.
Total Austral owns a 37.5 percent stake in the oil fields, Wintershall, 37.5 percent, and PAE, 25 percent.
BP wins LNG supply tender.
State-run energy firm YPF has picked BP to supply the bulk of its liquefied natural gas (LNG) needs in 2014 and 2015 following a major recent tender, a source with direct knowledge of the deal said. Argentina last month launched its annual tender to secure approximately 5.57 million tonnes of LNG over the 2014-2015 period to help cover its energy needs. BP is to supply around 40 of the 48 cargoes sought by YPF for delivery into the Bahia Blanca import terminal, the source said.