Capex SA, the sixth-largest crude oil producer in Argentina, has completed first phase drilling a four-well pad (PAD 1050) in Vaca Muerta shale in the Agua del Cajón block in Argentina’s Neuquén basin. With the program, Capex, with extensive experience in conventional field development, is venturing into shale oil.
Capex plans to test the pad and expand surface infrastructure to handle production with a goal of drilling a 4-well pad in 2025.
The fracturing phase was completed Jan. 15 with Halliburton, averaging 44 fractures per well (every 65 m) using a zipper system. The wells, in the oil window, are currently in the flowback phase. The wells have an average total length of 5,200 m (2 at 2,800 m, 2 at 2,500 m).
Trafigura funded 30% of the cost in exchange for a 30% stake in production over the next 12 years per a July 2023 agreement signed with Capex. With that agreement, the companies also established a 30-month period to explore the possibility of extending the agreement to another 12 wells.
In Agua del Cajón (100%), Capex operates an LPG plant and a thermal power plant that is supplied with its production. It also operates the Loma Negra (37.5%) and La Yesera (37.5%) areas, both in Río Negro. In Golfo San Jorge, Chubut province, Capex operates Pampa del Castillo Golfo San Jorge Chubut (95%) and Bella Vista Oeste (100%).
Last year, Capex returned the Parva Negra Oeste area to state-owned GyP after working without positive results (OGJ Online, Nov. 27, 2023).