Governor: Argentine Shale Fields To Get $38B In Investment

Reuters

BUENOS AIRES, July 15 (Reuters) - Argentina's state oil company YPF, Pan American Energy and Wintershall will invest $38 billion over 35 years in the country's vast but mostly untapped Vaca Muerta shale formation, the governor of Vaca Muerta's home province of Neuquen said on Wednesday.

The companies will use the new concessions to develop the Lindero Atravesado and Bandurrias oil and natural gas fields, Governor Jorge Sapag said.

From 2015 to 2018 the companies would put $1.4 billion into Vaca Muerta, he added.

"With Lindero Atravesado and Bandurrias we estimate that over the years ahead ... Neuquen will double its oil production and that the gas produced by these fields could replace more than 40 shiploads of imports, which would represents $1.6 billion in savings for Argentina," Sapag said.

(Reporting by Eliana Raszewski; Editing by Chizu Nomiyama and W Simon)

Copyright 2017 Thomson Reuters. Click for Restrictions.

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