Argentina is working to boost its oil production as well as investing in shale as the Latin American oil and gas giant continues to focus on traditional energy. June ended with Argentina’s Compañía General de Combustibles (CGC) acquiring Chinese firm Sinopec’s Argentinian operations, expected to increase the company’s oil output by 40 percent. CGC production will increase from 39,500 bpd of oil equivalent to around 50,000 bpd. This makes billionaire-owned CGC one of the top five Argentinian oil and gas producers. Like many other oil firms, CGC is expressing interesting in adopting innovative technologies for the energy transition, aiming to install underground carbon capture and storage technology to reduce emissions in its oil production. However, the firm is betting strongly on the future of oil in Argentina to meet the world’s fuel demand. Hugo Eurnekian, CEO and chairman of CGC, said in a statement “We are convinced of the […]