Drilling has begun at the Fénix natural gas field, which is being developed offshore in the Argentine province of Tierra del Fuego in the south of the country, according to a statement from Wintershall Dea.
Wintershall Dea operates the field along with its partners Total Austral, a subsidiary of TotalEnergies in Argentina, and Pan American Energy.
The Noble jack-up drilling rig Regina Allen will initiate the drilling program at Fénix, where three wells are scheduled to be drilled, completed, and brought into production in the coming months, the statement added.
The consortium's total investment in the development of Fénix amounts to approximately 700 million dollars.
"Fénix is the largest natural gas field currently being developed off the coast of Argentina. It represents a fundamental pillar for increasing domestic gas production, with natural gas volumes expected to contribute to Argentina's long-term energy supply for over 15 years," the statement said.
"The gas field is expected to play a significant role in the country's energy matrix and help offset energy imports, with a projected peak production of around 10 million cubic meters of gas per day," it added.
Increased local energy production will enable the country to reverse a trade balance deficit and protect the central bank's scarce foreign currency reserves.
TotalEnergies operates the Fénix project with a 37.5% stake, in partnership with Wintershall Dea (37.5%) and Pan American Energy (25%).
The production platform will connect three wells, which will be drilled 60 kilometers off the coast of Tierra del Fuego and at a depth of 70 meters.
