Paraguay’s capital, Asuncion
President poised to drill in Paraguay
The independent is set to sink its first exploration well at the Pirity concession this year
AIM-listed producer President Energy plans to spud its first exploration well at the Pirity concession in Paraguay this year. The company brought in Taiwanese state oil company CPC as a partner in the project last year last year, completing the farm-out process in November. President operates Pirity with a 50pc stake, while CPC holds the remaining 50pc. “We are due to commence drilling of the first exploration well later this year,” says President chairman Peter Levine. Drilling will take place at the Delray complex, part of the wider Pirity concession, where the AIM-listed firm estimates there could be 230mn bl of unrisked oil in place. President has previously said it plans to drill after
Also in this section
4 December 2025
Time is running out for Lukoil and Rosneft to divest international assets that will be mostly rendered useless to them when the US sanctions deadline arrives in mid-December
3 December 2025
Aramco’s pursuit of $30b in US gas partnerships marks a strategic pivot. The US gains capital and certainty; Saudi Arabia gains access, flexibility and a new export future
2 December 2025
The interplay between OPEC+, China and the US will define oil markets throughout 2026
1 December 2025
The North African producer’s first bidding round in almost two decades is an important milestone but the recent extension suggests a degree of trepidation
