Argentina’s Shale Industry Lures International Oil Companies

29 Jan 2014   Argentina

More The whole world knows that shale revolutionized the U.S. energy industry. Now oil and gas executives are salivating when they think of Argentina‚Äôs booming shale industry. Argentina ranks second in the world, behind China, in potentially recoverable shale-gas reserves, with 802 trillion cubic feet, according to a study last October by the U.S. Energy Information Administration. Argentina also ranks fourth in shale oil with an estimated 27 billion barrels. In July, YPF and Chevron inked a deal to spend $1.2 billion to further develop shale oil and gas resources in the Vaca Muerta ¬†formation. The deal calls for an initial phase in which 100 wells will be drilled in a 5,000-acre tract in the Loma La Lata Norte and Loma Campana areas. Chevron said the deal gives it the chance to grow production beyond its 2017 target of 3.3 million barrels per day. Chevron says shale will help […]

Comments are closed.