Oil exploration: Shell plans $300m investment

Shell confirms it will invest $300m to develop a shale oil and gas reserve in southern Argentina

Afp February 26, 2017
Under the contract, the firm must invest at least $100 million to explore the 6,000 square-kilometre reserve. PHOTO: FILE

BUENOS AIRES: Shell has confirmed it will invest $300 million to develop a shale oil and gas reserve in southern Argentina, executives said Friday. Argentina oil company, YPF said in a statement it would partner with the Anglo-Dutch company Shell to exploit the huge Vaca Muerta reserve.

Exploration of the field has yielded “excellent results,” the statement quoted Shell Argentina boss Teofilo Lacroze as saying. US and French firms are among the other international companies working on exploiting the 30,000 square kilometre (12,000 square mile) reserve.

Published in The Express Tribune, February 26th, 2017.

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