Argentina: Macri "we will not stop until we export us$30 B in gas and oil”
By: Aldo Leporati
Mauricio Macri gave a speech where he expressed that Vaca Muerta is a positive and energetic revolution for Argentina. The president remarked that Vaca Muerta "continues to develop" despite the economic "storms" the country faces”. “We continue to face our own problems and the world and this continues to develop. And we will not stop until we export 30 billion dollars in gas and oil”, he said.
Vaca Muerta, located in Argentina’s Neuquén Basin, is the country’s largest shale oil and gas reserve and one of the largest non-conventional oil and gas formations in the world. The government’s plan is to increase investments in Vaca Muerta so that, as of 2019, the operation will reach its end goal of us$20 billion annually. This year, the venture is near us$8 billion.
In June, companies in Vaca Muerta increased oil production by 5 % compared with the same month last year. Gas production increased 8.2% over the same period, according to data from the Energy Ministry. Argentina is trying to double production in the region, aiming to pump 260 million cubic meters of gas daily within 5 years, the government said. Of that, 100 million cubic meters per day would be destined for international markets, according to the government’s plans.
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