Discoveries in UK, Argentina Expand Shale Gas Map

Argentine energy firm YPF, the local unit of Spain's Repsol, has uncovered a massive shale gas discovery in Patagonia.

 The company, said on Tuesday that it was teaming up with Vale, the Brazilian mining group, in a $140m deal to begin developing the discovery, which is in Neuquén province.

“We have been able to discover huge volumes of non-conventional gas in Loma La Lata, which opens up interesting development perspectives for the country,” said Sebastián Eskenazi, YPF’s chief executive. He declined to confirm media reports that the area could contain as much as 250,000bn cubic feet of gas, but said that it “could permit Argentina to have energy and development for many decades to come”.

In the United Kingdom, Cuadrilla Resources has commented that its first well located near to Blackpool, appears to be “to be very successful thus far.”

Initial indications are that Preese Hall #1 confirms and possibly exceeds the original expectations of management as to the prospectivity of the Bowland shale.”

Cuadrilla is backed by Australian based AJ Lucas and a group of energy-focused private equity funds managed by Riverstone LLC  Riverstone is an energy joint venture partner of The Carlyle Group, a politically connected private equity underwriter. Lord Browne of Madingley, the former BP chief executive, is Managing Director at Riverstone Holdings.  

Source: Natural Gas for Europe.