29 Dec '12, 4pm

Argentina’s YPF and Bridas, 50% owned by CNOOC, to invest $1.5B in Vaca Muerta shale oil development in Argentina

Argentina’s YPF and Bridas, 50% owned by CNOOC, to invest $1.5B in Vaca Muerta shale oil development in Argentina

Argentina’s YPF and Bridas, 50% owned by CNOOC, to invest $1.5B in Vaca Muerta shale oil development in Argentina 29 December 2012 Argentina state-owned energy company YPF and Bridas, an Argentina-based oil and gas company 50% owned by China National Offshore Oil Corporation, agreed to invest $1.5 billion over the next 24 months to begin development in the massive shale oil deposits in the Vaca Muerta (“Dead Cow”) formation in the province of Neuquén—one of the largest shale oil formations in the world. Vaca Muerta is present in an area of 30,000 km2 (7.4 million acres); of this area, YPF participates in 12,000 km2 2 (3.0 million acres, or 40% of the total. The estimated size of recoverable shale oil in the formation has increased to about which has increased to 741 million barrels, according to the US Energy Information Administration (EIA). The area of the deal encompass...

Full article: http://www.greencarcongress.com/2012/12/vacamuerta-201212...

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