December 9, 2019 |
With an area about the size of Belgium, Vaca Muerta is one of the world’s biggest shale deposits. The sprawling area in Argentina has caught the attention of oil majors like Chevron, ExxonMobil and Shell, which are plowing billions of dollars into Neuquén, a western province home to most of the deposits.
Investment has averaged an annual $7 billion to $10 billion since 2013, encouraging the government to forecast that Vaca Muerta could help double national energy output from levels attained in 2018 to 1 million oil barrels per day (bpd) and 260 million natural gas cubic meters per day (mcm) by 2023.
While the new resources are expected to address energy shortages within the country, a sizeab
Vaca Muerta could double Argentina's energy output and help address its chronic fiscal problems. But fully developing the massive shale oil and natural gas resources will be challenging