Sunday, May 25, 2014

Argentina seeking partners to develop massive Vaca Muerta shale oil field

Bloomberg:


Petroliam Nasional Bhd. is among a group of producers looking to enter Argentina’s nascent shale boom, according to state-owned oil company YPF SA.


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Argentina is seeking partners to develop Vaca Muerta, an area the size of Belgium that holds at least 23 billion barrels of oil, according to a survey by Ryder Scott, in a bid to become energy independent. YPF’s output from the Loma Campana area in Vaca Muerta rose to 12,800 barrels a day from 4,200 after investing $1.2 billion in a pilot year with Chevron Corp.


This is more good news for my very speculative play Madalena Energy which has over 100,000 prospective acres in the vicinity of all of this activity. I think it is just a matter of time until a well financed suitor steps up to Madalena and makes an offer.



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