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| Pirity Basin (Oil/Gas region) circled |
President Energy, an oil and gas exploration company (that has spelling problems, but hopefully better attention to detail in the work they conduct), has recently announced that they plan to test for oil in the Pirity Basin in the Chaco of Paraguay (the western region). Reports are that they'll do 2-D and 3-D seismic testing beginning in March 2013 with assistance from Texas-based Global Geophysical Services. Exploration wells (3 according to this site, 6 according to this) will be drilled in early 2014.
The Paraguayan Vice Minister of Mines and Energy Hugo Cacace reacted to the news with measured confidence, saying that chances are very high that Paraguay has oil and/or gas reserves but that that could only be known once the exploration wells were dug. The Paraguayan President Federico Franco was much less cautious and promised that by May or June of 2013 Paraguay would be producing its first barrels of oil, almost a year before the initial exploration wells are even going to be dug by President Energy.
Patricia Macchi, a representative for President Energy, insisted that the wells would be dug in March 2014 and described President Franco's statements as "very optimistic" (i.e., not realistic).
Everyone in Paraguay realizes that:
a) 2013 is an election year and current President Franco is looking to ensure that his successor is a member of his own political party.
b) promises of oil are frequent in Paraguay and have yet to be delivered on.
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| President Energy is "Focussed" on South America |
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