President Energy PLC - oil and gas company focusing on Latin America - Says the development of its treatment plant in Puesto Flores in Argentina has kicked off with the first stage set to open by end June, from which point operational costs will be reduced. This milestone will mean that oil will be able to be delivered by truck to refineries direct from the core Puesto Flores and Estancia Vieja fields without going through third-party pipelines, treatment and water disposal facilities. On completion of the first stage, savings are estimated to be approximately USD4 per barrel representing a reduction of around 20% of current operating expenditure.
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By Greg Roxburgh; gregroxburgh@alliancenews.com
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