YPF has made what it describes as the largest conventional gas/condensate discovery in the province of Santa Cruz in the last 20 years by drilling beneath already mature formations in the Las Mesetas Field. The well, YPF. SC.LCM.xp-778, was drilled to a final depth of 2,770m in the Los Perales-Las Mesetas Block in the San Jorge Basin; 2P resources are estimated at 65 Bcf plus 2 MMbc. Modern seismic allowed YPF Argentina: Significant Reserves Below Las Mesetas to identify the unevaluated areas and as this lies in the basin’s western section, the company plans to investigate this potential with new exploration wells and 3D seismic. YPF estimated that the discovery will have a production potential of 7 MMcfgpd and 370 bcpd from the Castillo Formation (Chubut Group).
This is the latest in a series of discoveries made by the company in the past year. The provinces of Mendoza, Neuquen, Chubut and Rio Negro have all played hosts to discoveries since the start of 2014, dramatically increasing production potential in both conventional and unconventional hydrocarbon resources. In 2012, Repsol YPF lost its licence to produce oil in the Los Perales-Las Mesetas field following the expropriation of Repsol’s shares in YPF and the subsequent nationalisation of 51% of the YPF shares.
