In the region of Neuquén in the area known as Loma La Lata, Hispano company, Repsol YPF, has found a bag of big oil.

The president of the company Repsol YPF, Antonio Brufau, has announced that the finding may be even greater than originally anticipated. Speaking to Europa Press anticipates that the 400 square miles found in the province of Neuquén they could add a survey near the land with an area even more, about 500 square kilometers. Cautious, merely confirmed the already found and warned that the new finding needs to continue with their studies, before ratifying it as such.

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Argentina, Repsol YPF new bonanza for

The finding is in an area of ​​traditional oil and gas production. In December last year state enterprises provincial and the region had reported positive surveys, gathering the news media launching indirect Argentina the government of Cristina Fernandez on the need to pay greater attention to the state investment in exploration in the oil producing region and suggesting critical not left in the hands of foreign companies.

Repsol YPF has Argentine capital, but the majority shareholder is Spanish, so the company makes for the purists, in foreign multinational. The finding, in one form or another, can only be seen as good news for the productive capacity of oil and natural gas from Argentina.

In the words of Brufau, The field “is not so much a discovery as a revaluation of assets that were in Argentina from hundreds of thousands of years.” It says it is for public or private investment that area should be thoroughly examined, and that would include the Latin American country at the head of the list of oil producers, saying that “Argentina is the second or third in the world in non- conventional “.

Billion barrels of oil

The company’s chief financial officer, Miguel Martinez, has already made its calculations. Repsol YPF estimates that can recover from this great site found in Argentina one billion barrels of recoverable oil, half of what the company is currently in reserve.

For Martinez this great discovery of hydrocarbons is the result of four years of hard work, prospecting, exploration and testing very expensive. The multimillion-dollar investments in exploration have their profitability ahead of schedule, especially if it confirms that second discovery, which would be about 1,200 square miles of operation.

Rise in the stock of Repsol

Nothing more known the news shares of the oil shot up nearly 6% in the opening of the Madrid stock exchange. It seems that the trend will continue so for the production forecasts have already been drilled and put into operation 15 vertical wells with a volume of extraction of about 5,000 barrels of oil equivalent per day.

The Buenos Aires stock exchange was also receptive to the euphoria, raising the value of the shares of YPF (the Argentina’s Repsol). But what for the Spanish part is the biggest find of its history in Argentina, the Argentine side of euphoria is not as great to see that these are resources and reserves, as these must be certified before.

Rise in the global ranking of oil

Argentina’s economic takeoff makes fuel more domestic consumers, which together to exhaustion many sites in the Southern Cone, he suggests a decline in the country as a producer and exporter. These new findings have great eye again in an area that could push Argentina to the top of oil production from shale or unconventional.

Explored the region south of Argentina comprises about 30,000 square kilometers, of which Repsol YPF has the right of exploration and exploitation executive activity of about 12,000 square kilometers. These findings have led to new “fever” black gold in the province of Neuquén, attracting the “explorers” engineers of Total (French) or the second largest company in Argentina, Pan American Energy, heterogeneous capital (Argentina, China and British).