Saturday, December 4

Chilean businessmen disembark in Vaca Muerta with an investment of US $ 100 million

The Chilean businessmen assumed all of the financial obligations restructured by Medanito, -previous exploiters- and promised to give continuity to the operation of the area and job stability to the personnel involved, while Medanito concludes its financial restructuring, both with financial institutions and with holders of its negotiable obligations.

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Patagonia Energy

“We are excited about the challenges we face and from day one we will work to improve the performance of Aguada del Chivato, focusing on a professional, efficient and sustainable operation. We began our participation in the sector with the determination to turn Patagonia Energy into a relevant player in the industry, developing this and the new opportunities that arise ”, noted engineer Gustavo Palomeque, recently appointed CEO of the trans-Andean company.

Aguada del Chivato and Aguada Bocarey are located in the north center of the Neuquén basin, near the town of Rincón de los Sauces, and comprise an area of 110 km2. It currently has 30 active wells from which it produces 600 barrels of oil and 65,000 m3 per day of gas.

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As detailed by Patagonia Energy, today the area allocates around 35,000 m3 of gas per day to meet the demand of Rincón de los Sauces throughout the year. “There are two unconventional wells in the concession, one vertical and the other horizontal, which were drilled for the purpose of evaluating Vaca Muerta. This concession is strategically located on the formation in the ‘oil window’ and is located next to the future industrial park of Rincón de los Sauces, which could represent an important competitive advantage for an eventual unconventional development “, said the new dealers.

The Megeve Group It has a broad regional portfolio of investments in mining, electricity generation and real estate developments. They currently own the chain Sodimac in Argentina and Falabella. Its directors are the three Solari Donaggio brothers, who have run the retailer’s destinies since their father’s retirement in 2010.

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The sources linked to the acquisition -which had advice from Puente- revealed that the operation had the active participation of the Government of Neuquén in the negotiations, to “Generate favorable regulatory and commercial conditions”.

The management of Omar Gutierrez granted Medanito – at the request of Patagonia Energy – an extension of 10 years for the concession of the area, formalized by the Provincial Decree 1.904 / 21, in which they committed:

  • an extension bond of US $ 6.8 million,
  • a corporate social responsibility bonus of US $ 900,000
  • Total expenditures for US $ 95.7 million, including the drilling of nine conventional wells.

Then, through the Decree 1.954 / 21, the government of Neuquén assigned the concession to Patagonia Energy, granting it the rights to exploit it.

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As reported from the Chilean oil company, a technical team will now be deployed in charge of Capetrol S.A., who will operate the fields, making use of his “Experience and suitability, with the clear objective of realizing the potential of the concession”.

Looking to the future, Patagonia Energy will seek to consolidate “The necessary resources to manage all those projects that it decides to undertake, both in the field of mature fields, as well as in that of unconventional resources”.

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