Page 12 - LatAmOil Week 38 2022

LatAmOil ARGENTINA LatAmOil

Oldeval’s investment could boost Argentina’s oil exports to 250,000 bpd (Photo: Telam)
Argentina’s government has estimated its that is around 20 km south-east of Bahia Blanca,
unconventional oil reserves at more than 27bn via a 225,000 bpd link.
barrels. This is higher than the estimate drawn Omar Gutierrez, the governor of Neuquen
up by the US Energy Information Administra- Province, told reporters in Buenos Aires earlier
tion (EIA), which puts Vaca Muerta’s oil reserves this month that the total value of oil exported
at 16bn barrels. from Vaca Muerta fields was on track to reach
Oldeval pumps oil from Vaca Muerta fields to $2bn in 2022, a five-fold increase on the 2021
Puerto Rosales, a port in Buenos Aires Province figure. ™

TotalEnergies takes FID on Fenix gas field

TOTALENERGIES (France) said on September
19 that it had taken a final investment decision
(FID) on the development of Fenix, a natural gas
field in San Sebastian Bay that lies about 60 km
off the coast of Tierra del Fuego Province.
In a statement, the French major reported
that it expected to spend about $706mn on the
Fenix project.
It said it expected the field to begin yielding
gas in early 2025 and would start production at
the rate of 10mn cubic metres per day, equiva-
lent to 70,000 barrels of oil equivalent per day
(boepd).
More specifically, TotalEnergies said it
planned to install a new unmanned platform at
Fenix in 70-metre-deep water and would drill
three horizontal wells from the platform. Gas
extracted from these wells will be loaded into a
35-km pipeline for transport to the Véga Pleyade
platform at another field operated by TotalEn-
ergies, whence it can be piped to shore for treat-
ment at the company’s Rio Cullen and Cañadon
Alfa processing plants, it added.
The Fenix project has been on hold since
2018, with TotalEnergies opting to delay its FID Fenix is a gas field within the CMA-1 concession (Image: TotalEnergies)
because of economic uncertainty in Argentina.
Earlier this year, though, the French major’s process along by agreeing in April to grant tax
partners said they were expecting to take this breaks and to extend the term of TotalEnergies’
step before the end of 2022. concession for CMA-1, the block that includes
Argentina’s government helped speed the the Fenix field, by 10 years.

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