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Argentina this week unveiled a new herbal fuel progression plan to attract $5 billion in commercial investments to revitalize fuel production in Vaca Muerta’s shale domain and make Argentina independent of imports of herbal fuels.
The plan, presented Thursday in the province of Neuquén, home of Vaca Muerta, aims to slow production decline, update imports of herbal fuels from Argentina, stimulate investment through the capture of $5 billion and increase tax collection through $2,525 billion. they also aim to bring local employment and paintings to life for Argentine service companies, the government said.
Vaca Muerta has been nicknamed the “Argentine Permian”, although its geological homes have been more compared to those of the Eagle Ford. But so far, high costs, regulatory uncertainty and insufficient infrastructure have hampered an American-style shale revolution in Argentina.
The coronavirus pandemic has further hampered production efforts in Vaca Muerta and has plunged the country into a new economic crisis, one of many in recent years. .
National oil company YPF recently announced that it would raise 3 drilling rigs to its unconventional oil and fuel operations in the region, after the company suspended operations in Vaca Muerta in March in reaction to the pandemic and central government measures to involve the coronavirus.
By Charles Kennedy for Oilprice. com
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