• 2 minutes Rational analysis of CV19 from Harvard Medical School
  • 4 minutes While U.S. Pipelines Are Under Siege, China Streamlines Its Oil and Gas Network
  • 7 minutes Renewables Overtake Coal, But Lag Far Behind Oil And Natural Gas
  • 3 hours Joe Biden the "Archie Bunker" of the left selects Kamala Harris for VP . . . . . . Does she help the campaign ?
  • 10 hours Trump Hands Putin Major Geopolitical Victory
  • 4 hours Tesla Begins Construction Of World’s Largest Energy Storage Facility
  • 2 hours America Could Go Fully Electric Right Now
  • 4 hours Those Nasty White People and Camping Racism
  • 1 day China wields coronavirus to nationalize American-owned carmaker
  • 3 hours Will any journalist have the balls to ask Kamala if she supports Wall Street "Carried Interest" Tax Loophole
  • 1 day COVID&life and Vicious Circle: "Working From Home Is Not Panacea For Virus"
  • 2 days Open letter from Politico about US-russian relations
  • 5 hours The Truth about Chinese and Indian Engineering
  • 14 hours Brent above $45. Holding breath for $50??
  • 1 day Oil Tanker Runs Aground in Mauritius - Oil Spill
  • 2 days Trump is turning USA into a 3rd world dictatorship
  • 3 days US will pay for companies to bring supply chains home from China: Kudlow - COVID-19 has highlighted the problem of relying too heavily on one country for production
Oil Prices Rise On Renewed Stimulus Hopes

Oil Prices Rise On Renewed Stimulus Hopes

Oil prices rose early on…

Argentina Plans $21.5-Billion Oil Investment

The state oil and gas company of Argentina, YPF, plans to spend US$21.5 billion on new oil and gas production over the next five years, eyeing a 26-percent increase in crude oil production, company executives told Reuters.

The company will sell some assets to gather the funds necessary for the ambitious production-raising plan, and it will also enlist the help of other companies, which will contribute an estimated US$8.5 billion to its five-year investment program. No names were given, but the YPF executives hinted that there’s a new partnership to be announced for the company’s power-generation business.

YPF’s executives also suggested that the company should buy some power-generation assets from Brazil’s Petrobras, which is conducting a large-scale asset-sale program to slim down its huge debt load.

YPF is eager to stage a repeat of the U.S. shale oil and gas boom, the FT reported yesterday, aiming for a 150-percent increase in shale oil and gas production. Conventional oil and gas will not be neglected, however, with plans for a 5-percent annual rise in production by 2022, to 700,000 barrels of oil equivalent daily.

Argentina is in the throes of a serious energy deficit thanks to insufficient exploration up until just recently. The country is home to the second-largest shale reserves in the world, concentrated in the Vaca Muerta shale formation, which has become a major hotspot for Big Oil.

Exxon, BP, Total, and Chevron are among the companies that have already pledged substantial funds for oil and gas exploration and production in Vaca Muerta, which holds reserves estimated at 22.8 billion barrels of oil equivalent. Argentina also has 2.4 billion barrels of conventional oil reserves, and is also hoping to score major discoveries offshore, to which end it will schedule a bidding round next year. Hopes are that the pre-salt basin along the Brazilian coast could extend into the Argentine continental shelf.

By Irina Slav for Oilprice.com

More Top Reads From Oilprice.com:



Join the discussion | Back to homepage



Leave a comment
  • snoopyloopy on October 26 2017 said:
    Why? There seem to be few rational reasons to prepare to flood an oversupplied market with more oil.

Leave a comment

Oilprice - The No. 1 Source for Oil & Energy News