• 4 minutes Will We Ever See 100$+ OIL?
  • 8 minutes Iran downs US drone. No military response . . Just Destroy their economy. Can Senator Kerry be tried for aiding enemy ?
  • 11 minutes Energy Outlook for Renewables. Pie in the sky or real?
  • 50 mins Iran Loses $130,000,000 Oil Revenue Every Day They Continue Their Games . . . .Opportunity Lost . . . Will Never Get It Back. . . . . LOL .
  • 1 day EIA Reports Are Fraudulent : EIA Is Conspiring With Trump To Keep Oil Prices Low
  • 1 hour So You Think We’re Reducing Fossil Fuel? — Think Again
  • 14 mins How is E&P of Marginal Oil on the UKCS Similar to the Shale Oil Operations in the US?
  • 5 hours Berkeley becomes first U.S. city to ban natural gas in new homes
  • 48 mins Renewables provided only about 4% of total global energy needs in 2018
  • 5 hours N.Y. Governor Signs Climate Bill
  • 9 mins Iran Says It Arrested 17 CIA Spies, Some Sentenced To Death
  • 15 hours Shale Oil will it self destruct?
  • 4 hours First limpet mines . . . . now fly a drone at low altitude directly at U.S. Navy ship. Think Iran wanted it taken out ? Maybe ? YES
  • 2 days Oil Rises After Iran Says It Seized Foreign Tanker In Gulf
  • 2 days Iran Captures British Tanker sailing through Straits of Hormuz
  • 3 hours Today in Energy
  • 6 mins Which is a better domain name for OAPEC?
Clean Energy Is Doomed Without More R&D Spending

Clean Energy Is Doomed Without More R&D Spending

Climate change is a growing…

Libya’s Oil Revenue Takes A Beating

Libya’s Oil Revenue Takes A Beating

Libya’s oil revenue fell significantly…

Exxon To Start Exporting Vaca Muerta Gas

Vaca Muerta

Exxon will start exporting natural gas from the massive Vaca Muerta shale play in Argentina to Chile, local media reported. This will make the world’s top oil company the first to commercialize the reserves of the formation that Argentina is eager to exploit to improve its energy security.

Exxon has sealed an energy swap deal with Chilean Innergy, according to which the supermajor will feed up to 1.06 million cu ft of gas daily from the province of Neuquen into the Pacifico pipeline, which will carry it to the Pemuco regasification plant. The gas will then be sent to the Mendoza province in Argentina.

The deal, for the period until end-May next year, will see Exxon export a total 31.8 million cu ft of Vaca Muerta gas, unless an energy emergency requires diverting the shipments to local destinations.

Exxon is among the biggest investors in the Vaca Muerta shale. It has already poured US$450 million into the deposit and, should things with its pilot project go well, it plans to splash another US$10 billion or more over the next 20 to 30 years.

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. The formation is estimated to hold some 16.2 billion barrels of crude oil and 308 trillion cu ft of natural gas, which makes it the second-largest in terms of gas reserves globally.

Besides Exxon, Chevron, Total, BP, and Shell have also established a presence in Vaca Muerta. The Argentine government is eager to help, earlier this year introducing tax incentives to spur more investment in both shale oil and gas, and conventional exploration as it grapples with a serious energy deficit thanks to insufficient exploration up until just recently.

By Irina Slav for 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