By : Dr. Franyi Sarmiento, Ph.D., Inspenet, April 7, 2022
In January 2022, the industry was shocked by the announcements of two major offshore discoveries in Namibia, off the coast of South Africa. Shell first announced the discovery of light oil in Graff-1 estimating a total volume of hydrocarbons in the field, which could reach 1,000 million barrels of oil. In February the news was given by Total, announcing another important oil accumulation confirmed by the Venus-1 well, drilled a few kilometers from Graff. Venus could contain up to 3 billion barrels of oil.
Let us remember that more than 250 million years ago all the continental masses were united in a single super continent, which we now call Pangea, which fragmented and gave rise to the continents we know today. And 121 million years ago when the newly discovered clumps in Namibia formed, Africa was much closer to South America than it is today. In fact, Venus must be no more than 200 km from the areas that YPF is currently exploring in the North Argentina Basin.
For this reason, geologists have ample scientific reason to assume that approximately 300 km from Mar del Plata, in 1,500-meter deep waters, there are deposits similar to those discovered in Africa.
YPF, in partnership with the operator Equinor and Shell, are preparing to drill the “Argerich” first deep-water exploratory well in the North Argentina Basin. The Argerich exploratory well, which has a cost close to 100 million dollars, is located 307 km from Mar del Plata and 320 in a straight line from Puerto Quequén. And its drilling is scheduled for the first quarter of 2023.
YPF professionals estimate that this deposit could reach 1,000 million barrels of oil. If we monetize it at $100 a barrel, we are talking about a reserve worth $100 billion. With the addition that in the North Argentina Basin, it is presumed, there are twenty other similar deposits.
Of course, when it comes to hydrocarbon exploration, one always talks about potential. That is, until the exploratory well is drilled and the volume of extractable hydrocarbons is verified, everything can be zero. That is why the professionals of our flag company YPF are cautious in their statements, but absolutely optimistic about the enormous possibilities that the basin has and its importance for our country.
If these mega deposits are verified, their production will transform the productive profile of the Buenos Aires coast, generating thousands of direct and indirect jobs.
The possible production more than 300 km from the coast does not collide with tourism or fishing. On the contrary, it is presented as the possibility of generating employment twelve months of the year.
It is necessary to highlight that the comptroller organisms impose the most modern regulations of care and protection of the environment.
The Secretary of Energy Darío Martínez declared: “We want to be prudent with the announcements, but these discoveries on the coasts of Africa fill us with optimism regarding what can exist in our sea. If they come true, Argentina will become an exporting country of oil, adding currencies that our economy requires for its growth.”
“We have received the environmental concerns that were expressed and we can ensure that, due to the distance and the type of marine currents that exist 300 km from the coast, Mar del Plata does not run any risk of spills or contamination of its Beaches.”
“Argentina is on the path of energy transition towards renewable energies, but to buy wind and solar equipment we need foreign currency, and the world will continue to require oil and gas to replace coal-fired power plants, which account for 27% of the world’s energy matrix.”
“In short, we have a great opportunity to affirm energy sovereignty, generate quality employment and earn foreign currency that we cannot miss.”
This material from the Official Portal of the Argentine State was edited for clarity, style and length.
Source: Official portal of the Argentine State. “ A recent discovery of mega-offshore oil fields in South Africa increases the chances of finding oil off the coast of Buenos Aires”. Licensed under a Creative Commons Attribution 4.0 International license. Link : https://www.argentina.gob.ar/noticias/un-reciente-descubrimiento-de-mega-yacimientos-petroliferos-offshore-en-africa-del-sur
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