Chevron solidifies deal for Argentinian shale

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Chevron solidifies deal for Argentinian shale
by Daniel J. Graeber
San Ramon, Calif. (UPI) Apr 11, 2013

Statoil makes North Sea oil, gas discovery
Stavanger, Norway (UPI) Apr 11, 2013 - Norwegian energy company Statoil said Friday it made an oil and natural gas discovery in the Valemon North prospect in the North Sea.

The company said Friday it made discoveries at two wells in the prospect located in Norwegian waters. It estimates the total volume of the new discoveries at between 20 million and 75 million barrels of recoverable oil equivalent.

Discovered in 1985, Statoil said the prospect is one of its most important assets on the Norwegian continental shelf. In total, the field holds an estimated 206 million barrels of oil equivalents.

"Production start-up is expected fourth quarter 2014," Tor Madsen, vice president for regional development, said in a statement. "We are very pleased with the results of the Valemon Nord wells, and will initiate feasibility studies to identify the best development solution for the discovery."

The Norwegian Petroleum Directorate confirmed the discovery in a northern part of the Valemon field in an area not previously known to contain oil and natural gas reserves.

The Vaca Muerta shale reserve area in Argentina could become one of the strongest contributors to Chevron's production growth, its vice chairman said.

Chevron said it secured an agreement with Argentine oil company YPF to develop the Vaca Muerta formation in Neuquen province in Argentina.

The U.S. Energy Department's Energy Information Administration estimates Argentina has 774 trillion cubic feet of technically recoverable shale gas resources, the third most in the world. Oil reserves are estimated at 2.5 billion barrels. Its Vaca Muerta region is considered one of the best shale reserve areas in the world.

Chevron Vice Chairman George Kirkland said the YPF deal is a unique opportunity for the company.

"Vaca Muerta could become an important contributor to Chevron's long term production growth," he said in a statement Thursday.

Chevron said it would explore shale resources over a 49,400-acre site in the Vaca Muerta play.

Chevron's existing assets in Argentina have produced, on average, 21,000 barrels of crude oil and 4 million cubic feet of natural gas.

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