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Released April 13, 2023 | SUGAR LAND
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Written by Amir Richani for Industrial Info Resources (Sugar Land, Texas)--Investments in Argentina's offshore production aim to increase southern natural gas output by more than half as the nation seeks to expand its hydrocarbons sector. This week, Argentina's energy minister, Flavia Royon, visited the Vega Pleyade offshore platform in Tierra del Fuego, in the south of the country, ahead of new hydrocarbon investments in the area.
Argentina is projecting investments of more than US$700 million by 2025 to develop the Fenix project. This development is located about 60 kilometers offshore of the Tierra del Fuego province, where three new wells will be drilled in the next two years to produce 10 million cubic meters of natural gas per day, accounting for more than half of the basin's production and 8% of the national gas output.
Fenix will be operated by a consortium including TotalEnergies SE (NYSE:TTE) (Courbevoie, France) (37.5%), Wintershall (Ludwigshafen, Germany) (37.5%), and Pan American Energy (25%) (Buenos Aires, Argentina). Subscribers to Industrial Info's Global Market Intelligence (GMI) Oil & Gas Production Project Databases can click here for Fenix project reports.
The natural gas produced by these three wells will be piped through a Vega Pleyade pipeline, then pumped to be refined in the Rio Culen and Cañadon Alfa plants and finally transported by the San Martin gas pipeline. According to the energy ministry, this new project will also reactivate the ports of Punta Quilla and Puerto Deseado in the province of Santa Cruz.
The same consortium of companies operates the Vega Pleyade platform, which has been online since 2016, producing 10 million cubic meters of natural gas per day.
The Cuenca Austral, where the Fenix project will be located, is Argentina's farthest south energy area. It comprises 32 onshore wells that generate 2 million cubic meters of natural gas per day and three offshore platforms accounting for eight wells with a production of 15 million cubic meters of natural gas.
Hydrocarbon development, including natural gas, has been among Argentina's top goals over the last few months as it focuses on exploiting Vaca Muerta, the world's second-largest gas shale reservoir and the fourth-largest non-conventional oil reserve. Investments in Vaca Muerta over the last few years have helped the nation boost oil and gas production with the hope of becoming a more prominent regional player.
Meanwhile, Argentina's objectives have also translated to further exploration offshore in the northern part of the country, outside of Buenos Aires Province, where the discoveries at the Argerich well have shed light on the possibility of offshore deposits. This area, called the Argentina Norte Basin, could add an extra 200,000 barrels of oil per day to the nation's production.
Industrial Info Resources (IIR) is the leading provider of industrial market intelligence. Since 1983, IIR has provided comprehensive research, news and analysis on the industrial process, manufacturing and energy related industries. IIR's Global Market Intelligence (GMI) helps companies identify and pursue trends across multiple markets with access to real, qualified and validated plant and project opportunities. Across the world, IIR is tracking more than 200,000 current and future projects worth $17.8 Trillion (USD).
Argentina is projecting investments of more than US$700 million by 2025 to develop the Fenix project. This development is located about 60 kilometers offshore of the Tierra del Fuego province, where three new wells will be drilled in the next two years to produce 10 million cubic meters of natural gas per day, accounting for more than half of the basin's production and 8% of the national gas output.
Fenix will be operated by a consortium including TotalEnergies SE (NYSE:TTE) (Courbevoie, France) (37.5%), Wintershall (Ludwigshafen, Germany) (37.5%), and Pan American Energy (25%) (Buenos Aires, Argentina). Subscribers to Industrial Info's Global Market Intelligence (GMI) Oil & Gas Production Project Databases can click here for Fenix project reports.
The natural gas produced by these three wells will be piped through a Vega Pleyade pipeline, then pumped to be refined in the Rio Culen and Cañadon Alfa plants and finally transported by the San Martin gas pipeline. According to the energy ministry, this new project will also reactivate the ports of Punta Quilla and Puerto Deseado in the province of Santa Cruz.
The same consortium of companies operates the Vega Pleyade platform, which has been online since 2016, producing 10 million cubic meters of natural gas per day.
The Cuenca Austral, where the Fenix project will be located, is Argentina's farthest south energy area. It comprises 32 onshore wells that generate 2 million cubic meters of natural gas per day and three offshore platforms accounting for eight wells with a production of 15 million cubic meters of natural gas.
Hydrocarbon development, including natural gas, has been among Argentina's top goals over the last few months as it focuses on exploiting Vaca Muerta, the world's second-largest gas shale reservoir and the fourth-largest non-conventional oil reserve. Investments in Vaca Muerta over the last few years have helped the nation boost oil and gas production with the hope of becoming a more prominent regional player.
Meanwhile, Argentina's objectives have also translated to further exploration offshore in the northern part of the country, outside of Buenos Aires Province, where the discoveries at the Argerich well have shed light on the possibility of offshore deposits. This area, called the Argentina Norte Basin, could add an extra 200,000 barrels of oil per day to the nation's production.
Industrial Info Resources (IIR) is the leading provider of industrial market intelligence. Since 1983, IIR has provided comprehensive research, news and analysis on the industrial process, manufacturing and energy related industries. IIR's Global Market Intelligence (GMI) helps companies identify and pursue trends across multiple markets with access to real, qualified and validated plant and project opportunities. Across the world, IIR is tracking more than 200,000 current and future projects worth $17.8 Trillion (USD).
