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Companies drill for more oil in Argentina

Jan. 6, 2014 at 7:59 AM

LONDON, Jan. 6 (UPI) -- A successful oil exploration program in Argentina should lead to a promising development opportunity, Andes Energia's Alejandro Jotayan said Monday.

Jotayan, chief executive officer of the company based in London, said its partners at YPF, an energy company in Argentina, started the exploration campaign in the Vaca Muerta, Chachao and Agrio reserve areas in the Neuquen basin.

"A successful program will provide Andes and YPF with the opportunity to develop a large and promising area with unconventional and conventional resources potential," he said in a statement published by energy news website Rigzone.

Andes said the exploration campaign targets an area already shown to contain oil.

Energy consultant group Wood Mackenzie described the Vaca Muerta region as one of the best shale reserve areas in the world.

Vaca Muerta, located in Neuquen province, holds 741 million barrels of recoverable oil, the U.S. Energy Information Administration estimates.

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