President Energy eager to tap Paraguay potential

By Tom Darin Liskey Houston

 03 January 2013 23:59 GMT

UK-based oil explorer President Energy, which recently farmed into the Demattei and Pirity blocks in Paraguay’s Chaco region, is preparing to carry out an explor­ation campaign in the country’s little-explored upstream sector.

Over the past decade Paraguay has failed to lure major players to its E&P sector despite long-standing production in neighbouring countries.

However, President Energy’s chairman Peter Levine believes that oil-poor Paraguay is well worth the risk.

“There is production just across the border in Argentina,” said Levine. “Paraguay is on the same geologic trend as the very prolific basin (in Argentina) just miles away. This is the kind of thing you are looking for.”

President Energy clinched the stakes in the Demattei and Pirity blocks in October.

Under the terms of the agreement, it…

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