Chilean oil and gas exploration firm GeoPark announced Thursday the discovery of a new onshore oilfield in the CN-V block — an asset it operates in partnership with Germany’s Wintershall — in Argentina’s Neuquén Basin, in Mendonza Province.
The Rio Grande Oeste 1 exploration well was drilled to a depth of 5,500 feet targeting the Neuquén formation, where 15 different potential reservoir sands were identified. Tests are still underway, but the firm said early results show a production rate by natural flow of roughly 300 barrels per day (BPD) of medium oil (28.0 degrees API).
“This discovery de-risks other delineated and adjacent light oil prospects in the CN-V block for future drilling and will provide GeoPark with a reserve, production and cash flow base in Argentina,” GeoPark said, in a statement.
The 50-50 joint-venture companies are currently evaluating subsequent activities in the CN-V block, including a development plan for the Rio Grande Oeste oilfield. The block also offers upside potential in the developing Vaca Muerta shale play, Kallanish Energy learns.
The Mendoza Province is an attractive location for GeoPark to resume its exploration and drilling activities in Argentina. It produces more than 15% of the country’s oil and offers suitable infrastructure to support, refine and commercialize oil production.