YPF and CGC have completed hydraulic fracturing operations on the first unconventional exploratory well targeting Palermo Aike in the province of Santa Cruz. The state-majority-owned oil company announced that the productivity of the formation is expected to be assessed within this year.
YPF operates the project and holds a 50 percent partnership with CGC, which owns the mining rights for the block.
If the results are positive, both companies will proceed with developing part of the area, investing in additional exploratory wells and associated facilities, according to YPF.
This marks a significant milestone for the province, as unconventional exploration in the Austral Basin could open a new productive window, attracting investments and creating jobs. It aims to develop the country's second unconventional reservoir, following Vaca Muerta (NQN).
About Palermo Aike
YPF and CGC have completed hydraulic fracturing operations on the first unconventional exploratory well targeting Palermo Aike in the province of Santa Cruz. The state-majority-owned oil company announced that the productivity of the formation is expected to be assessed within this year.
YPF operates the project and holds a 50 percent partnership with CGC, which owns the mining rights for the block.
If the results are positive, both companies will proceed with developing part of the area, investing in additional exploratory wells and associated facilities, according to YPF.
This marks a significant milestone for the province, as unconventional exploration in the Austral Basin could open a new productive window, attracting investments and creating jobs. It aims to develop the country's second unconventional reservoir, following Vaca Muerta (NQN).
About Palermo Aike
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