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Tecpetrol Launches the Development Plan of Fortin de Piedra

Source: www.gulfoilandgas.com 3/23/2017, Location: South America

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Tecpetrol launches the development plan of Fortin de Piedra, in Vaca Muerta. It will require an investment of US $ 2.3 billion in the first phase until 2019. It provides for the drilling of 150 wells and the construction of facilities to treat and transport more than 10 million m3 / d of gas.

Tecpetrol plans to invest US $ 2.3 billion by 2019 in the first phase of the development of the Fortin de Piedra area, located in the Vaca Muerta formation in the Argentine province of Neuquen.

The project includes the drilling of about 150 wells - for US $ 1.6 billion - and the construction of treatment facilities, batteries and pipelines - for US $ 700 million.

This investment will enable gas production to reach 10 million m3 / d. It will contribute with abundant energy and competitive conditions for households, favoring the country's economic and industrial development and energy self-sufficiency. This is a commitment to an Argentine matrix with a leading role in gas.

The development of Vaca Muerta generates work throughout the value chain associated with the production of hydrocarbons. The activity that Tecpetrol plans to carry out would generate around 1,000 direct permanent jobs, plus another 3,000 related to the provision of services and to the stage of construction of infrastructure works complementary to the oil operation.

Fortin de Piedra is an area of ??243 km2 in which Tecpetrol has 100% of the non-conventional resource exploitation concession, for 35 years since July 2016. In the first year it executed 70% of the investment commitment assumed for the First five years in the agreement. The Fortin de Piedra area has 10 wells drilled to date -7 in the Vaca Muerta formation - with a cumulative investment of US $ 150 million.

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