The Minister of Economy, Martín Guzmán, today received the top managers of the General Fuel Company (CGC), who confirmed that they will invest more than USD 300 million in the exploitation of wells for oil and gas production.
In this context, the head of the Treasury Palace assured that the national government “will continue to support initiatives aimed at increasing the production of energy resources”, and emphasized that “there are challenges and also great opportunities in the energy sector for Argentina.”
For his part, the president of CGC, Hugo Eurnekian, said that the investment will go “mainly to the exploitation of gas wells, and also oil”.
The meeting was attended by the Secretary of Energy, Darío Martínez; the Chief of Staff of the Ministry of Economy, Melina Mallamace; and the Deputy Executive Director of Operations of the Guarantee and Sustainability Fund in the National Social Security Administration (Anses), Lisandro Cleri.
Meanwhile, Eurnekian was accompanied by the company's CEO, Adrián Meszaros, and the Commercial Director, Emilio Nadra.
The president of CGC recalled that an investment plan of USD 128 million in producing wells in the Southern Basin is already under way, financed through a placement of negotiable bonds in the local market in September, in which the Anses Sustainability Guarantee Fund (FGS) subscribed USD 100 million.
These funds will be used for the exploitation of gas blocks and the development of unconventional tight gas resources, through the drilling, supplementation and commissioning of 33 new wells in the Southern Basin of the province of Santa Cruz.
Of this total, 28 correspond to exploitation wells in regions already explored, and 5 are exploratory ones that seek to evaluate the potential in the Campo Indio Este-El Cerrito blocks. In addition, the firm plans to build surface facilities.
“In addition to Vaca Muerta, the Southern Basin has a lot of gas potential to provide and with available transport capacity,” said Eurnekian.
The project forecasts that total foreign exchange income from higher exports and oil and fuel imports substitution over the next 20 years will reach $734 million (USD 35.5 million from oil exports and USD 698.5 million for gas import substitution). In that period, the total natural gas obtained could amount to 2 billion m3, equivalent to 4.4% of the production recorded in 2020. These volumes correspond to incremental production, since these are areas that are currently in operation.
Guzmán highlighted that “Argentina faces great challenges due to the global crisis, but it also has the opportunity to underpin the development of a sector that is key to making the entire productive matrix of the country more competitive.”
“We have been making progress under conditions that allow increased investment, both from macroeconomic stabilization policies, investment in energy infrastructure and the role that the FGS of Anses is playing in order to allow more financing in Argentina for investment in the real economy and in particular in energy ”, added the minister.
In addition, the head of the Economy portfolio emphasized that the policy being carried out by the national Government to increase the productive capacity of the system “acquires unique value in the context of the global energy crisis”.
“It was a very valuable meeting and we celebrated the company's decision to bet on Argentina and the fact that it is growing from investment, production and work,” said the head of the Palacio de Hacienda.
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