YPF and CGC complete the drilling of the first well in Palermo Aike, one of the largest unconventional hydrocarbon reserves in Argentina, with great energy potential.
The oil companies YPF, controlled by the Argentine government, and Compañía General de Combustibles (CGC) have completed the drilling of the first exploratory well in the Palermo Aike unconventional formation, the second largest reserve of unconventional hydrocarbons in that country, after of Vaca Muerta.
According to the Energy Secretariat of the province of Santa Cruz, the twelve stages of fracturing of well 1 of Palermo Aike were completed, whose drilling began last September, reaching a vertical depth of approximately 3,500 meters and a horizontal branch of one thousand meters.
Claudio Vidal, governor of Santa Cruz, expressed his optimism regarding this project, pointing out that Palermo Aike represents great hope and the challenge of developing the greatest energy potential in the history of the province with intelligence and efficiency.
The investment made by YPY and CGC for this first exploratory well was around 28 million dollars.
Palermo Aike, with an area of 12,600 square kilometers, has resources estimated at 10 billion barrels of oil equivalent, which represents a third of the resources of Vaca Muerta, the largest unconventional hydrocarbon formation in Argentina.
