Inspenet, August 18, 2023.
The independent oil company Oilstone Energía triumphed in the auction carried out through the Electronic Gas Market (MEGSA) last Wednesday morning to supply natural gas to Enarsa (Energía Argentina SA) with the purpose of exporting to the Uruguayan company National Administration of Fuels, Alcohol and Portland (ANCAP).
The auction, which is a habitual MEGSA practice and is carried out virtually, attracted the participation of 14 bidders to supply gas to Enarsa , who in turn exports it to the neighboring country. In total, the company will supply 350,000 m3/d of natural gas daily to ANCAP through the Cruz del Sur gas pipeline.
The winning price in the competition amounted to 6.27 dollars per million BTU (US$/MMBTU) and it was reported that this usually derives mainly from the Vaca Muerta basin, although it could come from the Neuquén, Chubut and Santa Cruz. The sources consulted indicated that the shipments will be made firmly, covering the period from 6:00 a.m. from September 1 to the same time on October 1.
Market players pointed out that the minimum price for the offer on this occasion was US$6.27/MMBTU, a figure higher than previous auctions. In September 2022, the price registered in this same auction was US$3.91/MMBTU.
Oilstone and exports
Natural gas exports to Uruguay are carried out under a bilateral agreement and are carried out from September to April , during the months in which Argentina has surpluses. Export volumes can reach up to 450,000 m3/d.
Founded in 2010, Oilstone Energía is an independent oil company specializing in the exploration and production of hydrocarbons. It operates in a set of 15 exploitation concessions, covering an extension of 3,000 km2 in the Neuquén basin.