Repsol YPF has announced that it has discovered oil in the La Caverna x-1 well located in Argentina’s Neuquen Province.

The governor of Neuquen, Jorge Sapag, told local journalists that the company has “found oil and is working in the zone”.

The La Caverna x-1 well has been generating 200m³ a day, or 11,000m³ since testing commenced six months back, according to Clarin newspaper.

Production levels are high compared with other wells in the area while potential of the exploration block could be 90 million barrels a year, almost equivalent to Argentina’s current total oil production.

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By GlobalData