Latin America

Judi Lynn

(160,545 posts) Mon Dec 14, 2015, 09:01 PM Dec 2015

ExxonMobil gets green light for Argentinian shale development

ExxonMobil gets green light for Argentinian shale development
Buenos Aires (Platts)--14 Dec 2015 515 pm EST/2215 GMT

The government of Neuquen, a southwestern province of Argentina, said Monday it has approved ExxonMobil's investment plan for developing shale resources in the Bajo el Choique and La Invernada blocks.

The company will work with Gas y Petroleo del Neuquen (GyP), the province's state-owned oil company, on the project to invest an initial $229 million in the delineation of the blocks, the government said in a statement.

This will consist of drilling five horizontal wells in the Vaca Muerta play with laterals of up to 2,500 meters (8,202 feet) and 25 frac stages.

The companies will also build an oil separation and storage facility, a natural gas pipeline, among other infrastructure on the adjacent blocks, according to the province.

http://www.platts.com/latest-news/natural-gas/buenosaires/exxonmobil-gets-green-light-for-argentinian-shale-21615937

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ExxonMobil gets green light for Argentinian shale development (Original Post) Judi Lynn Dec 2015 OP

Argentina is fortunate in that regard. forest444 Dec 2015 #1

Day one after "historic" climate pact. (nt) enough Dec 2015 #2

forest444

(5,902 posts)

1. Argentina is fortunate in that regard.

Reply to Judi Lynn (Original post)

Mon Dec 14, 2015, 09:29 PM

Dec 2015

Because unlike most of the fracking that has gone on in the U.S. over the last 7 years, the Vaca Muerta unconventional fossil fuel block is in one of the most desolate corners of the country - far from any urban areas, aquifers, or agriculture.

Chevron and Argentina's YPF have already been at work on the block since YPF was renationalized 3 years ago, and Vaca Muerta is already producing around 54,000 barrels of oil equivalent daily (around 9% of Argentina's output). ExxonMobil, then, is something of a latecomer (its been negotiating terms and sites for about two years); but they should still be able to do good business there.

Best of all, Vaca Muerta is, for the reasons stated above, one of the world's few relatively responsible large fracking projects from an environmental point of view. It's not perfect; but it's a close as they come in that business.

enough

(13,259 posts)

2. Day one after "historic" climate pact. (nt)

Reply to Judi Lynn (Original post)

Mon Dec 14, 2015, 09:32 PM

Dec 2015

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