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2018-12-05 09:20:00

VACA MUERTA INVESTMENT $2.3 BLN

VACA MUERTA INVESTMENT $2.3 BLN

PLATTS - Argentina's state-run energy company YPF and Malaysia's Petronas agreed Tuesday to invest $2.3 billion in a shale oil project in Vaca Muerta, with a target of reaching 60,000 b/d of oil equivalent by 2022.

The investment will be in La Amarga Chica, where the companies have been testing the shale oil potential since 2015 and have spent $550 million to date in the process, YPF said in a statement.

The initial target is to ramp up output to 60,000 boe/d from the current 9,800 boe/d, after which the companies plan to invest an additional $4.7 billion over a 20-year period to reach plateau output of 75,000 boe/d, according to the statement.

This is YPF's third full-scale development in Vaca Muerta, one of the world's biggest shale plays. It is also the second biggest for the state-backed company after Loma Campana, which is under development with Chevron and was producing most of YPF's net shale output of 57,500 boe/d in the third quarter of this year, according to company data.

The investment in La Amarga Chica, which includes development of a crude processing plant, will increase the country's oil production 15% by 2022, Argentina's Energy Secretariat said in a separate statement. Argentina is producing close to 500,000 b/d, according to the secretariat.

"In 2019 alone, YPF and Petronas will double the production from the La Amarga Chica block to 20,000 b/d," Energy Secretary Javier Iguacel said.

Vaca Muerta, in the southwest, is leading a recovery in the country's oil and gas production after years of shortages and a reliance on imports. The Energy Secretariat forecasts the play will help double the country's total oil and gas production to 1 million b/d and 260 million cu m/d, respectively, by 2023, allowing exports to surge to 500,000 b/d and 80 million cu m/d by that time.

Iguacel said another five full-scale development projects are poised to start in 2019.

 

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Earlier: 

 SHELL SELLS ARGENTINA $0.95 BLN
2018, April, 25, 09:35:00

SHELL SELLS ARGENTINA $0.95 BLN

SHELL - Shell has signed an agreement to sell its Downstream business in Argentina to Raízen for US$0.95 billion in cash proceeds at completion, subject to customary closing conditions. The sale includes the Buenos Aires Refinery, around 645 retail stations, liquefied petroleum gas, marine fuels, aviation fuels, bitumen, chemicals and lubricants businesses, as well as supply and distribution activities in the country. Additionally, after the transaction closes, the businesses acquired by Raízen will continue their relationships with Shell through various commercial agreements, which represent an estimated value of US$0.3 billion.

 

 RUSSIAN - ARGENTINIAN NUCLEAR
2018, January, 26, 12:05:00

RUSSIAN - ARGENTINIAN NUCLEAR

WNN - Russia and Argentina have signed a memorandum of understanding (MoU) on uranium exploration and mining in the South American country. Russian state nuclear corporation Rosatom is also proposing to supply Argentina with a nuclear power plant.

 

 ARGENTINA'S GAS POTENTIAL
2017, December, 8, 17:15:00

ARGENTINA'S GAS POTENTIAL

PLATTS - Argentina has proved oil and gas reserves of 4 billion barrels of oil equivalent and probable reserves of 9 billion boe, whereas the shale oil and gas resources total 170 billion boe, of which nearly 80% is gas

 

 BP ARGENTINIAN TANGO
2017, September, 18, 12:15:00

BP ARGENTINIAN TANGO

BP has agreed with Bridas Corporation to form a new integrated energy company by combining their interests in the oil and gas producer Pan American Energy and the refiner and marketer Axion Energy in a cash-free transaction. The new company, Pan American Energy Group, will be the largest privately-owned integrated energy company operating in Argentina.

 

 ARGENTINA NEED INVESTMENT: $14 BLN
2017, April, 12, 18:35:00

ARGENTINA NEED INVESTMENT: $14 BLN

Specifically, a plan to boost wind and solar energy capacity in coming years was likely to bring in $13 billion in investment, Procaccini said. There also is potential for $30 billion in mining investments to help Argentina catch up to neighboring Chile, and efforts to cut labor costs will help attract investment in oil and gas.

 

 ARGENTINA & UK OIL
2016, September, 15, 18:30:00

ARGENTINA & UK OIL

The governments of Argentina and the UK have agreed to work toward removal of restrictions on oil and gas work offshore the Falkland Islands.

 

 EXXON & ARGENTINA INVESTMENT: $10 BLN
2016, June, 3, 19:10:00

EXXON & ARGENTINA INVESTMENT: $10 BLN

Exxon Mobil Corp. may invest more than $10 billion in Argentina’s Vaca Muerta shale formation in the next decades, Chairman and Chief Executive Officer Rex Tillerson said Thursday.

Tags: VACA MUERTA, ARGENTINA, PETRONAS, YPF, INVESTMENT
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Chronicle:

VACA MUERTA INVESTMENT $2.3 BLN
2019, February, 18, 12:00:00

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VACA MUERTA INVESTMENT $2.3 BLN
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