Chevron has bold outlook for Argentina

Aug. 24, 2012 at 7:27 AM

BUENOS AIRES, Aug. 24 (UPI) -- U.S. supermajor Chevron announced plans to drill more than 100 wells in the Vaca Muerta shale play in Argentina during the next three years.

Ali Moshiri, head of business development for Latin America and Africa, told a business summit in Buenos Aires that such a major investment in Argentina was a unique opportunity for his country in the region.

"We are betting on shale in Argentina," he was quoted by the Platts news service as saying. "It is a risk we are going to take."

Energy group Wood Mackenzie described the Vaca Muerta region as one of the best shale plays in the world. The U.S. Energy Department's Energy Information Agency ranked Argentina third in the world in terms of shale resources.

Platts reports that Chevron produces roughly 5 percent of the oil and slightly less than 1 percent of the natural gas in Argentina.

"I believe that Argentina can become an exporter of natural gas and position itself as a leader in shale in Latin America," said Moshiri.

Related UPI Stories
Latest Headlines
Trending Stories
Russia says missiles aimed at Syria did not land in Iran
Tunisian democracy advocates win Nobel Peace Prize
Captive orca breeding banned at California's SeaWorld
Wrong drug used in Oklahoma execution
Pentagon to ditch $500M Syrian rebel training program