The UK’s President Energy plans to open an oil province in Paraguay as it targets as many as 1 Bbbl there this year.
Three independent audits of the explorer’s prospects showed an average 1.093 Bboe in unrisked resources, the company said in a statement. It will start drilling the first well in May, targeting 600 MMbbl.
Paraguay, the landlocked nation nestled between Brazil, Argentina, and Bolivia, has no proven oil reserves. Energy companies are stepping up the search for new resources around the world as traditional crude and gas fields age and decline.
Paraguay’s flat landscape, stable politics, and favorable tax regime make the country’s prospects attractive, according to President Energy Executive Chairman Peter Levine.
“We have a very significant opportunity to open a new hydrocarbon province onshore,” Levine said. “This is exploration, which always brings risks. But as far as exploration is concerned, this is as good as it gets.”
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