BP’s Dudley Favors Argentina Shale Over Costly Texas Permian

14 Sep 2016   Argentina

Vaca Muerta fields have ‘enormous potential,’ Dudley says Permian Basin shale assets too expensive for company right now BP Plc would rather invest in Argentina’s shale oil fields than in Texas’s Permian Basin, the U.S. drilling hot spot, Chief Executive Officer Bob Dudley said. The U.K. oil producer is seeking to buy more assets in Argentina’s Vaca Muerta shale fields, which have “enormous potential,” Dudley said in a Bloomberg Television interview Tuesday in Buenos Aires. The government there has improved the investment appeal of the country by helping foreign companies cut through red tape, he said. Bob Dudley on Sept. 13. “I’m really encouraged by what I see,” Dudley said. “There’s a lot of future here.” Argentine President Mauricio Macri has been courting international corporations from Exxon Mobil Corp. to Total SA to tap the vast investments needed to develop the nation’s shale oil and gas deposits. Attractive terms […]

Tags:

Comments are closed.