Total to invest $500 million to produce shale gas in Argentina
Source: World Oil
By: FRANCOIS DE BEAUPUY
Total SA will spend $500 million over three to four years to develop a shale gas field in Argentina as the country’s government lures investors by pledging a minimum price.
“We have giant resources of non-conventional gas under our feet in Argentina,” Chief Executive Officer Patrick Pouyanne told reporters at a conference in Paris on Thursday. “It’s the beginning of a nice story.”
The French energy giant has given the go-ahead to develop the first phase of the Aguada Pichana Este license in the Vaca Muerta formation. Total also plans to increase its interest in the license, co-owned by YPF SA, Wintershall Energia SA and Panamerica Energy LLC, to 41% from about 27%, pending approval from local authorities.
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