Pan Andean Resources drills

Exploration company Pan Andean Resources has started drilling at a gas field near the city of Santa Cruz. The new well will be drilled to a depth of over 4km and will be operated by BP subsidiary Chaco, which owns a 90% interest in the venture. Drilling will take 90 days.

Managing director David Horgan said higher oil prices made projects of this nature more economic and that the new venture “marks a return to vigorous development of our South American interests”.