“Mr. Ali Moshiri, President of Chevron’s Africa and Latin America Exploration and Production, explains the potential and opportunity of Argentina’s Vaca Muerta shale play in the Neuquén Basin.”
A: Chevron affiliated companies have operated in Argentina for decades, developing long-standing business relationships with YPF. Our relationship with YPF and our recent arrangement to develop Vaca Muerta is a win-win for Argentina, YPF shareholders and Chevron businesses. Chevron remains committed to helping Argentina achieve its goal of energy self-sufficiency.
A: Argentina is estimated to hold some of the world’s largest shale oil and shale gas resources. The Vaca Muerta shale is the most well-known of the formations. In fact, Vaca Muerta, alone, is expected to be large enough to make Argentina energy independent for decades. According to EIA estimates, it is believed to hold 16.2 billion barrels of shale oil and 308 trillion cubic feet of shale gas resources.
A: On April 10, Chevron confirmed that subsidiaries of the company signed agreements with YPF to continue development of shale oil and gas resources from the Vaca Muerta formation. YPF is a reliable partner and operator that is advancing the project in the right direction. We are pleased with the progress achieved so far and look forward to continuing to provide our technical expertise and investment to help realize the potential the Vaca Muerta field?
A: Argentina is having conversations with many companies and they have recognized that without increased investment in Argentina’s energy sector, the nation will pay more for its oil and natural gas and, as consultancy Wood Mackenzie forecast, import it from abroad. That means Argentina will be subsidizing the development of resources in other countries, instead of its own. And, the economic benefits of that resource development will go elsewhere. The government knows that and has taken positive steps to make the energy industry competitive.
Did you enjoy this article?
We respect your privacy and will never share your information with third parties.