CGC hits gas in Argentina

30 September 2015, News Wires – Argentine energy company Compania General de Combustibles (CGC) has discovered a new natural gas deposit in the southern Santa Cruz province.

Argentina demands

(Photo: Peter Parks/Upstream)

“The exploratory well Morena Sur has tested an initial rate of approximately 100,000 cubic meters per day,” Reuters cited a CGC statement as saying. “It is estimated that the new discovery could increase the gas reserves in the Austral basin by an extra 40 billion – 50 billion cubic feet.”

The energy producer, run by Argentine business magnate Eduardo Eurnekian’s Corporation America, this year bought 26 gas fields and infrastructure from Petrobras in Patagonia’s Austral basin.

CGC is focused on conventional hydrocarbons while foreign energy firms are investing in Argentina’s vast-but-barely-tapped shale resources.

  • Reuters
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