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2015-06-29 18:35:00

CHINA, ARGENTINA SHALE

CHINA, ARGENTINA SHALE

Argentina and China have respectively drilled more than 275 and 200 wells targeting shale plays over the past 2 years, providing each country with the potential to significantly increase production of shale gas and tight oil.

In Argentina, YPF SA reported production in April of 22,900 b/d of oil and 67 MMcfd of natural gas from three joint ventures in the Neuquen basin's Vaca Muerta shale formation in the west-central portion of the country. The JVs are with Chevron Corp. at Loma Campana field, Dow Chemical Co. at El Orejano field, and Malaysia's state-run Petronas at La Amarga Chica field.

China Petroleum & Chemical Corp. (Sinopec) and OAO Gazprom also have recently signed a memorandum of understanding with YPF to jointly develop from Vaca Muerta.

Initial shale exploration and development efforts in China, meanwhile, have focused on the Longmaxi formation in the Sichuan basin in the south-central part of the country. EIA notes that while several international companies are active in China, much of the early effort has been led by China National Petroleum Corp.'s (CNPC) PetroChina Co. Ltd. and Sinopec.

CNPC and Sinopec are on schedule to reach 600 MMcfd in gas production by yearend, according to China's Ministry of Land and Resources. CNPC has drilled 125 shale wells, bringing 74 of them online, and is on schedule to produce 250 MMcfd of gas by yearend. Sinopec has a commercial-scale effort under way at Fuling shale gas field in Sichuan, producing 130 MMcfd. At yearend 2014, Sinopec had completed drilling 75 test wells at Fuling field, with plans to drill an additional 253 wells.

Shale oil and gas exploration drilling also is under way in Mexico, particularly in the country's portion of the Eagle Ford shale and in the La Casita formation within the Burgos basin in northeastern Mexico. Petroleos Mexicanos (Pemex) released in May results for 13 of its shale exploration wells, of which 10 were categorized as commercial. The 10 gas wells have initial production ranging 2-11 MMcfd. Pemex also drilled three horizontal wells into the Tampico-Misantla basin's Pimienta formation in 2013. The company plans to complete all 3 wells this year.

ogj.com

Tags: CHINA, ARGENTINA, SHALE, OIL, GAS

Chronicle:

CHINA, ARGENTINA SHALE
November, 15, 15:25:00

OIL PRICE: ABOVE $61 AGAIN

REUTERS - Brent crude futures LCOc1 were down 72 cents at $61.49 per barrel at 1020 GMT, having fallen by 1.5 percent on Tuesday, its largest one-day drop in a month. U.S. West Texas Intermediate (WTI) crude CLc1 was at $55.12 per barrel, down 58 cents.

CHINA, ARGENTINA SHALE
November, 15, 15:20:00

IEA COOLS THE MARKET

BLOOMBERG - Prices dropped during the session as the International Energy Agency said the recent recovery in oil prices, coupled with milder-than-normal winter weather, is slowing demand growth. The worsening outlook for consumption dampened some of the enthusiasm that OPEC and its allies will extend supply curbs.

CHINA, ARGENTINA SHALE
November, 15, 15:15:00

IEA: GLOBAL ENERGY DEMAND UP BY 30%

Global energy needs rise more slowly than in the past but still expand by 30% between today and 2040. This is the equivalent of adding another China and India to today’s global demand.

CHINA, ARGENTINA SHALE
November, 15, 15:10:00

RUSSIA'S OIL EXPORTS UP

Product exports have grown significantly over the past several years and are expected to continue to grow as Russian refineries add capacity to produce more high-quality products.

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