September 03, 2018

Mercopress reported that Argentina re-launched a one-year-old agreement between the government, companies and workers to drive competition and spur development in the Vaca Muerta shale play.
The original agreement, signed just over a year ago, sought to boost production by incentivizing competition among oil and gas drillers in the region. The government is now looking to bring in other business sectors like construction and mid-stream service providers.
Argentina is trying to double production in the region, aiming to pump 260 million cubic meters of gas daily within five years, the government said in the statement. Of that, 100 million cubic meters per day would be destined for international markets, according to the government’s plans.
In June, companies in Vaca Muerta increased oil production by 5% compared with the same month last year. Gas production increased 8.2% over the same period, according to data from the Energy Ministry.
The Vaca Muerta Shale is a continuous tight oil and shale gas reservoir of Late Jurassic (Tithonian) and Early Cretaceous (Berriasian) age. The formation covers a total area of 30,000 square kilometres (12,000 sq mi).[8] The shale is at a depth of about 9,500 feet (2,900 m), where it has been found productive of oil and gas. The large oil discovery in the Vaca Muerta Formation was made in 2010 by the former Repsol-YPF, which announced the discovery in May 2011. (Source: Mercopress – Image: Drilling the Vaca Muerta shale play)