Company name
Compañías Asociadas Petroleras S.A.
Project number
AR3907A-01
N/A
E&S category
N/A
Country
Argentina
Sector
Energy
Status
In implementation
Disclosed date
04/19/2010
Projected date at which a project will be put forward for the Board of Executive Directors’ approval.
Projected board date
05/25/2010
Approval date
06/01/2010
Signed date
N/A
Sponsoring entity
N/A
Investment Operations Department Contact
INO Portfolio Management (PTM)
Investment type
Syndicated amount
N/A
Financing amount
USD $ 60,000,000
Currency
N/A
Project scope and objective
Compañías Asociadas Petroleras S.A. (CAPSA) was established in 1977 and is engaged in the exploration, exploitation, development, and production of oil and gas it obtains from its own oil fields located in the Comodoro Rivadavia region, close to San Jorge bay in Chubut. CAPSA produces 10,500 bbl/day and has broad experience in developing mature oil fields. Its first acquisition was the Diadema field. This field represents 90% of CAPSA’s reserves and production. CAPSA now operates 7 oil fields and has 65.7 million barrels of proven reserves.
Currently, 80% of daily petroleum production comes from wells using secondary recovery techniques. Encouraging results from these projects led the company to continue investing in this line. CAPSA has demonstrated capability and knowledge in the use of secondary recovery techniques. In September 2007, CAPSA began a pilot polymer injection project in 5 injection wells and a response was obtained in 16 productive wells. Good results from this pilot assisted recovery project encourages CAPSA to continue the expansion of this project.
CAPSA’s investment plan provides for the following components: (a) expansion of the pilot assisted recovery project by increasing the polymer injection wells from 5 to 10 and drilling 10 new intermediate wells (in fill wells) to be located within the project area, for a total cost of US$35.4 million, and (b) drilling of 20 advanced/step-out wells where proven reserves are found, for a cost of US$19.1 million. In addition, and in order to have more funds available for executing the investment plan, CAPSA will refinance a loan granted by Deutsche Bank for US$17.5 million, coming due between 2010 and 2011.
To develop part of its investment plan, CAPSA has sought financing from the IIC for US$8 million.
For inquiries, comments and information requests about the project
Request informationLearn more about how we provide private-sector solutions in the region .
Contact information
For inquiries, comments and information requests about the project
Request informationAlternatively, you may also use the following contact information :
Client Contact
N/A
PHONE NUMBER
N/A
POST OFFICE ADDRESS
N/A
IDB Invest Contact
requestinformation@idbinvest.org
PHONE
+1(202)-566-4566
ADDRESS
1350 New York Ave NW, Washington, DC 20005
COUNTRY OFFICES
IDB Invest Country OfficesIndividuals or communities can submit complaints and concerns related to environmental, social, or corporate governance issues to the Management Grievance Mechanism by e-mailing mgm@iadb.org or by calling +1 202 312 4040.
As a last resort, affected communities have access to the IDB Invest Independent Consultation and Investigation Mechanism by writing to mecanismo@iadb.org or MICI@iadb.org or calling +1(292) 623-3952.
IDB Invest has zero tolerance to reprisal or retaliation against anybody who voices its opinion or opposition to IDB Invest-financed projects.
For inquiries, comments and information requests about the project
Request informationLearn more about how we provide private-sector solutions in the region .
Environmental and social review
IDB Invest conducts an environmental and social due diligence (ESDD) commensurate with the nature, scale, and stage of the project, and with its level of environmental and social risks and impacts. The ESDD will confirm the project E&S categorization and assess the project with respect to the client requirements in IDB Invest Environmental and Social Sustainability Policy. The results of the ESDD, including any identified gaps are described in the Environmental and Social Review Summary (ESRS) provided below. For projects approved as of 2016, any gaps with respect to IDB Invest's Environmental and Social Sustainability Policy at the time of the ESDD are addressed in the Environmental and Social Action Plan (ESAP) presented below, to comply with the date mentioned above.
ENVIRONMENTAL AND SOCIAL REVIEW
47.4 Kb