Earlier in Q4 Welltec opened its first base in Argentina to service customers exploring and developing unconventional shales. On December 20th, Welltec successfully performed its first job there, conveying tools in a long horizontal section and allowing the operator to initiate production from the well. Two additional jobs are planned to be carried out early in 2016.
The new base and office is located in Buenos Aires and will primarily serve clients operating in the Vaca Muerta Formation in the Neuquén Basin.
Located in west-central Argentina and covering a vast area of 137,000 km2, the Neuquén basin has been producing for more than 100 years. However, in recent years operators have begun increasing investments in developing the Vaca Muerta oil and gas field, exploring for unconventional reserves.
The basin is estimated to hold significant potential, a shale bounty that potentially can transform the outlook for the Western Hemisphere, resulting in support of the provincial governments through the generation of infrastructure, jobs and revenues.
“This is a very interesting and developing area, where operators will be present for the next decades,” says Ricardo Quintero, VP Business Development. “Of course, Welltec will be there to assist the operators performing well interventions on electric line.”
With a good pipeline of jobs already lined up, Ricardo Quintero expects activity to increase significantly over the coming months. “We are off to a great start here in Argentina and the jobs keep coming in. We really look forward to serving our clients and doing what we do best; helping reduce cost while increasing their production and recovery.”