11 November 2013, News Wires – State oil company makes oil discovery at onshore El Manzano Block
Argentine state oil company YPF has made an oil discovery at the El Manzano Block in the country’s western province of Mendoza.
The company said on Sunday that the find contained estimated reserves of about 15 million barrels of oil.
“Tests carried out at various depths, all productive, give an initial production estimate of 535 barrels of oil per day,” it said in a statement.
The company plans to continue exploring the Neuquina basin, where the El Manzano Block is located.
The Argentine government expropriated control of YPF in 2012 from Spanish group Repsol, after the country was obliged to import energy as domestic reserves of natural gas and oil matured and investment fell.
According to Reuters, YPF is currently seeking private investment to fund part of the $32.6 billion it needs over the next five years to boost production.