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Drilling activity in the country commenced in 1947 and activity has continued in phases up to the present day, mostly by small companies. The most intensive drilling occurred in the 1970s with the primary intent to find analogous fields to those in Bolivia and Argentina’s Chaco Basin, especially in the Pirity and Pilar sub-basins (which compare with the Olmeda sub-basin in Argentina).
No commercial discoveries have been made but several wells have had oil and/or gas shows. In 2014 President Petroleum reported that the Lapacho well in the Pirity Concession had discovered light oil. A total of a little over 50 exploratory wells have now been drilled in the country.
Although oil has been found in Paraguay it remains questionable whether commercial volumes are present, particularly under a lower oil price environment. Thus Globalshift currently forecasts no oil or gas production from the country, at least in the short and medium term.
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