Argentina’s YPF SA YPF 2.34 % and American Energy Partners LP, run by energy industry veteran Aubrey McClendon , signed a deal Thursday to jointly explore and develop unconventional oil Continue Reading
Though investments are needed, output from shale basins in Argentina is expected to accelerate, Wood Mackenzie finds. Photo by David Gaylor/Shutterstock HOUSTON, Nov. 20 (UPI) — One of the more lucrative shale basins in the Americas, the Vaca Muerta play in Argentina, could double its output by 2018, analysis finds. Vaca Muerta, located in Neuquen province, is considered one of the best shale basins in Latin America. Analysis emailed from Wood Mackenzie found parts of the basin are producing on average 646 barrels of oil equivalent per day, up 53 percent from last year. Petronas, Mexican oil company Petroleos Mexicanos, known also as Pemex, and Argentine oil company YPF signed a trilateral memorandum of understanding on exploration and production in 2013. Russian energy companies have expressed interest in joining the venture . The study from Wood Mackenzie finds production increases will be slow, but year-on-year expansion expected at around […]
South America’s second-largest and most enigmatic economy, Argentina is marching to its own beat. (Bloomberg) — Oil at $77? It is in Argentina. Oil has plummeted below $39 a barrel in the U.S. But despite the price bloodbath in global energy markets, it fetches nearly twice that amount in Argentina — home to some of the most expensive crude in the world. Even as prices plunged anew Monday, sending world benchmarks close to the lowest levels they briefly hit in the Great Recession, oil is still flying high in Argentina for the simple reason the government wants it that way. There is some method behind the apparent madness. Argentina is home to the second-largest reserves of shale gas and fourth- largest of shale oil in the world. Faced with a $6-billion energy trade deficit in 2014, the government has been using its made-in-Argentina price to try to turbocharge domestic […]
Argentina likely will continue to import natural gas supplies to meet peak demand, even as its production from large shale and tight gas resources grows in the next two decades, the Argentine Institute of Oil and Gas (IAPG) said. This is because it would not be economically viable to install production and transport infrastructure to meet peak demand in winter, due to the high cost of maintaining excess capacity simply to have it available for up to 90 days of the year, the industry group said in its gas demand forecast for 2015-2035. "It is cheaper to import LNG, than to build infrastructure and drill wells to meet peak demand," said IAPG president Ernesto Lopez Anadon. IAPG forecast that gas demand would rise to 260 million cubic meters/d in 2035, with peaks of 290 million cu m/d in the May-September cold season. That compares with average gas demand of […]
map of Neuquen Basin and Sichuan Basin, as explained in the article text As recently as last year, only four countries in the world were producing commercial volumes of either natural gas from shale formations (shale gas) or crude oil from tight formations (tight oil): the United States and Canada, and more recently, Argentina and China. Beyond these four countries, other countries have started exploring hydrocarbons from shale and other tight resources, but they are still short of reaching commercial production. The 2013 World Shale Gas and Shale Oil Resource Assessment , produced by EIA and Advanced Resources International (ARI), noted large shale deposits in China and Argentina. Exploration and drilling is already underway in these countries. For the last two years, China has drilled more than 200 wells, and Argentina has drilled more than 275 wells. Each country has the potential to significantly increase production of shale gas […]
President of Argentina Cristina Fernandez de Kirchner on hand for signing of memorandum of cooperation with Russian energy company Gazprom on April 23, 2015. Photo by UPI/Andrew Harrer. MOSCOW, April 24 (UPI) — Russian energy company Gazprom said it signed a memorandum of cooperation in Moscow to work alongside its counterparts on Argentina. Argentine President Cristina Fernandez de Kirchner met in Moscow with her Russian counterpart, Vladimir Putin, to discuss bilateral relations . Gazprom said its management team signed the memorandum with Argentinian energy company YPF on the sidelines of the meeting. Russia expressed interest in Argentina’s energy market in 2012 following the nationalization of YPF. The following year, Gazprom won a tender to supply Argentina with 15 shipments of liquefied natural gas with a total of 1 million tons through 2015. In the Latin American market, both sides have focused on development the Vaca Muerta shale site in […]
ENLARGE A view of the memorial in Buenos Aires to Argentine soldiers who died in the Falklands War. An online magazine contended in a published report that the U.K. spied on Argentina over the long-running Falkland Islands dispute. Photo: Zuma Press The U.K. government on Friday confirmed its ambassador in Buenos Aires had been summoned to a meeting at Argentina’s foreign ministry, in the latest flare-up of the long-running diplomatic row over the sovereignty of the Falkland Islands that has engulfed oil and gas exploration companies. The Argentine Deputy Foreign Minister Eduardo Zuain summoned the U.K. ambassador on Thursday to explain a report published by online magazine The Intercept that contended the U.K. had spied on Argentina over the Falklands dispute, the Argentine embassy in London said in a statement. The meeting Thursday came a day after the U.K. had summoned the Argentine ambassador in London. Argentina continues to […]
« Tenneco developing new gasoline particulate filter (GPF) technology ahead of Euro 6c emissions regulation | Main | Golf SportWagen Alltrack to go onsale in 2016 as 2017 model » by Alexis Arthur for Oilprice.com Argentina, once a regional energy leader, is now better known for financial busts and bombastic politicians than hydrocarbons prospects. Still, with a resource potential both vast and untapped, the nation has never been far from energy investors’ minds. The question today is just how much Argentina is willing to change and how this plays into a low oil price environment that is already negatively impacting investment elsewhere. Argentina’s deliberate efforts to appease some of its international creditors, combined with an overhaul of the nation’s hydrocarbons framework have the potential to lure foreign investors back. The promise of a change of government—and potentially a more market-friendly approach—later this year should add to the country’s appeal. […]
Premier Oil Plc (PMO) ’s newly appointed Chief Executive Officer Tony Durrant has three immediate priorities to consolidate a share-price gain of more than 20 percent since he took the job this year. He plans to bring onstream the $1.4 billion Solan field located west of Shetland before the end of the year, find a partner to share a $5 billion investment to develop the Sea Lion project off the Falklands, and exceed an oil-production target. Durrant, who was promoted to the top job at the London-based explorer on June 25 after being chief financial officer for about nine years, also aims to double cash flow within five years to about $2 billion a year. “We have to continue to tick the boxes on the things we’ve been doing, continue to restore credibility, keep the production up, beat the guidance,” the CEO said in his first interview since taking […]
Russian Foreign Minister said Wednesday he was interested in encouraging more investments in the Argentine energy sector. Lavrov met in Moscow with Argentinean Foreign Minister Hector Timerman to discuss prospects for future energy cooperation as well as Argentina’s bid to join Brazil, Russia, India, China and South Africa in the five-member economic association dubbed BRICS. Lavrov said the outlook for Russian investments in the Argentinean energy sector was strong. "We aren’t just interested in ways to diversify our trade relations but actually want to focus on investment," he said . Russia expressed interest in Argentina’s energy market in 2012 following the nationalization of the country’s YPF energy company. Russian energy companies have a presence in Venezuela and Russian energy company Gazprom is exploring for natural gas in that country as part of a Russian consortium. Both sides have focused on development the Vaca Muerta shale site […]
