(Alliance News) - President Energy PLC said Friday it is ready to flow gas through its own 60 kilometers pipeline from Estancia Vieja and Las Bases fields in Argentina.
The oil and gas company said from Monday 30,000 cubic meters per day of company's own gas will be pipped by the new pipeline to market from Estancia Vieja and Las Bases fields.
The volume is currently restricted by a bottleneck in a 16 km stretch of pipeline between the two fields due to it being a 3 km flexible temporary plastic pipe. The replacement works will commence next week and is due to be completed in January.
When finished, gas deliveries will be ramped up and the full potential of Estancia Vieja's gas unlocked as more well will be opened up, the company said.
President Energy also said that net production from Louisiana has "more than tripled" to approximately 275 barrels of oil per day as Triche well staged a recovery.
Oil prices payable to producers in Argentina were to increase by 5% with effect from Friday. "Industry observers comment that this is sign that the restriction placed on oil prices by the recent Government decree will continue to be lifted in stages with full return to normality on the horizon," President Energy said.
Peter Levine, chair, said: "It is an important milestone for any company to both own and operate both its own gas fields and pipeline delivery network to market giving it a material strategic advantage."
President Energy shares were up 7.7% in London at 4.31 pence each on Friday.
By Loreta Juodagalvyte; loretajuodagalvyte@alliancenews.com
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