Argentina-Focused President Ramps up Gas Sales
Argentina-focused oil and gas producer President Energy has commissioned a 16-km stretch of pipeline which will result in a sharp increase in gas sales, it said in a statement on March 3.
The pipeline connects President's Puesto Prado and Las Bases facilities in the Rio Negro province, allowing "significantly greater volumes" of gas to flow to market. It was completed in-house at a cost of $5mn.
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Gas production at the Estancia Vieja field is expected to ramp up significantly over the next few days, reaching 1,200 barrels of oil equivalent/day, President said. The installation of a new compressor and the opening of more shut-in wells in the second quarter will result in an extra 800 boe/day of supply coming on stream in June.
President's net production in the Neuquen basin should reach 2,000 boe/d by the end of June, raising the company's overall output to 4,000 boe/day, excluding any gain from drilling results in the first half.
"The story of the first half of 2020 is all about gas. The necessary base infrastructure in Rio Negro is now in place and it is a tribute to, and reflective of, the depth of management and employees of our Argentina operations that this has been effected safely, on time and on budget," President chairman Peter Levine said. "President is now a much more balanced energy company from a year ago as we continue our strategy of growth both organically and by way of appropriate value enhancing acquisitions."
President recently transferred 6.1% of its shares to global commodities trader Trafigura, in a move aimed at clearing some of the company's debt.