• 3 minutes China has *Already* Lost the Trade War. Meantime, the U.S. Might Sanction China’s Largest Oil Company
  • 7 minutes Saudi and UAE pressure to get US support for Oil quotas is reportedly on..
  • 11 minutes China devalues currency to lower prices to address new tariffs. But doesn't help. Here is why. . . .
  • 15 minutes What is your current outlook as a day trader for WTI
  • 5 hours Domino Effect: Rashida Tlaib Rejects Israel's Offer For 'Humanitarian' Visit To West Bank
  • 5 hours In The Bright Of New Administration Rules: Immigrants as Economic Contributors
  • 1 day Will Uncle Sam Step Up and Cut Production
  • 6 hours Trump vs. Xi Trade Battle, Running Commentary from Conservative Tree House
  • 5 hours Movie Script: Epstein Guards Suspected Of Falsifying Logs
  • 13 hours Gretta Thunbergs zero carbon voyage carbon foot print of carbon fibre manufacture
  • 3 hours Continental Resource's Hamm (Trump Buddy) wants shale to cut production.Can't compete with peers. Stock will drop in half again.
  • 2 days Significant: Boeing Delays Delivery Of Ultra-Long-Range Version Of 777X
  • 5 hours US Petroleum Demand Strongest Since 2007
  • 21 hours NATGAS, LNG, Technology, benefits etc , cleaner global energy fuel
  • 3 days I think I might be wrong about a 2020 shakeout
  • 2 days Why Oil is Falling (including conspiracy theories and other fun stuff)
  • 52 days To be(lieve) or Not To be(lieve): U.S. Treasury Secretary Says U.S.-China Trade Deal Is 90% Done
A Booming Niche In Energy’s Hottest Market

A Booming Niche In Energy’s Hottest Market

The battery recycling market is…

Texas Crude Is Fetching Better Prices

Texas Crude Is Fetching Better Prices

New midstream capacity allows more…

Argentina’s Prized Vaca Muerta Shale Could See $10B Exxon Investment

Vaca Muerta Shale

Having already invested $200 million in Argentina’s Vaca Muerta shale — the world’s second-largest shale gas deposit — supermajor ExxonMobil is now saying it may invest at least $10 billion in this play over the next 2-3 decades, Bloomberg reports.

A pilot project coming up this summer will see Exxon invest $250 million, and based on that project’s success, Exxon will launch full-scale development to span the next 20-30 years for an investment that could be “well in excess of $10B,” Bloomberg quoted Exxon Chairman and Chief Executive Officer Rex Tillerson as saying Thursday.

Related: Scotland Bans Fracking, Forever

Argentina is home to 27 billion barrels of recoverable oil and 802 trillion cubic feet of natural gas, primarily in and around multiple prolific shale basins in the central Neuquen province, including the prized Vaca Muerta shale.

This shale formation is what is spurring talk that the next shale boom will be in Argentina. As testament to this, Argentina’s state-run oil giant, YPF, is reportedly planning to sell off its conventional acreage and focus all of its attention on exploration and production in the Vaca Muerta, according to unnamed government sources cited by Interfax.

The news agency cited a “source close to Argentine Energy Minister Juan Jose Aranguren, as saying on Wednesday that the government had instructed YPF to prioritize unconventional exploration and sell of conventional blocks with low production potential.

Related: Clinton Campaign Pledges to Raise Fed Royalties for Oil Companies

According to Bloomberg, Exxon is eyeing Vaca Muerta as an “opportunity to reverse production losses and add reserves after a $35-billion wrong-way bet on U.S. natural gas and a Russian exploration venture that was derailed by international sanctions.”

In Argentina, Exxon is building a natural gas processing plant and a pipeline network that would link up with Vaca Muerta well production, the news agency reported.

By Charles Kennedy of Oilprice.com

More Top Reads From Oilprice.com:



Join the discussion | Back to homepage

Leave a comment

Leave a comment

Oilprice - The No. 1 Source for Oil & Energy News
Download on the App Store Get it on Google Play