Paraguay’s capital, Asuncion
President poised to drill in Paraguay
The independent is set to sink its first exploration well at the Pirity concession this year
AIM-listed producer President Energy plans to spud its first exploration well at the Pirity concession in Paraguay this year. The company brought in Taiwanese state oil company CPC as a partner in the project last year last year, completing the farm-out process in November. President operates Pirity with a 50pc stake, while CPC holds the remaining 50pc. “We are due to commence drilling of the first exploration well later this year,” says President chairman Peter Levine. Drilling will take place at the Delray complex, part of the wider Pirity concession, where the AIM-listed firm estimates there could be 230mn bl of unrisked oil in place. President has previously said it plans to drill after
Also in this section
22 November 2024
The Energy Transition Advancement Index highlights how the Kingdom can ease its oil dependency and catch up with peers Norway and UAE
21 November 2024
E&P company is charting its own course through the transition, with a highly focused natural gas portfolio, early action on its own emissions and the development of a major carbon storage project
21 November 2024
Maintaining a competitive edge means the transformation must maximise oil resources as well as make strategic moves with critical minerals
20 November 2024
The oil behemoth recognises the need to broaden its energy mix to reduce both environmental and economic risks
