Argentina-focused oil company President Energy said it would start exporting oil for the first time, from the end of July. The company had traditionally sold all of its oil domestically in Argentina. It had now agreed with commodities trader Trafigura to export about 18,000 barrels of oil by the end of July. The value achieved for the exported quantity was projected to be in line with current ICE Brent pricing less $6. President Energy said it was forecasting average production for the second half in the range 3,000-to-3,400 barrels of oil equivalent per day, an increase of about 30% over the same period last year. The estimated increases in production from two workovers scheduled to commence by end of August and two new wells scheduled to commence by end of September would only be felt in the latter part of the half year.
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