MercoPress. South Atlantic News Agency
Chevron and YPF unveil plans to invest another 1.6bn in Vaca Muerta shale
US oil giant Chevron and state-controlled YPF unveiled plans Thursday to spend another 1.6 billion dollars to develop Argentina's Vaca Muerta shale formation for oil and gas projects. The investment comes on top of 1.2 billion Chevron agreed to spend last year for a shale pilot project. Read full article
Comments
Disclaimer & comment rulesTimid good news for Argentina.
Apr 11th, 2014 - 01:17 pm - Link - Report abuse 0Drip drip drip.
Apr 11th, 2014 - 01:26 pm - Link - Report abuse 0They were threatening to pull out a couple weeks ago. I guess it was a negotiation tactic.
I wonder what was really negotiated? Are they quietly moving out the other u$19B in assets?
The agreement with Repsol is done, there should be huge amounts to cash for exploration flowing in by now.
Yet only this.
Telling isn't it.
Actually its over 1,5 billion USD between Chevron and YPF so its actually far more modest.
Apr 11th, 2014 - 01:40 pm - Link - Report abuse 0http://www.inversorenergetico.com.ar/ypf-chevron-invertiran-otros-us-1-500-millones-en-vaca-muerta/
As I said, drip drip drip
Apr 11th, 2014 - 03:07 pm - Link - Report abuse 0700MM is no where near the U$35/yr YPF predicted they would get once the Repsol deal was over.
Looks like the banner year for Soy will be used to purchase fuel.
Soy for Oil
That seems very inefficient
It can't last much longer
How many banner years can you have
Arg is still 1 drought away from disaster.
so, it is 1.6 billion for vaca muerta and...4 million for the tiny little oil well in the falklands.
Apr 11th, 2014 - 05:36 pm - Link - Report abuse 0sounds pretty proportional.
I am willing to wager a small sum, that oil will be coming up in the Falklands a long, long, long time before it does in VM.
Apr 11th, 2014 - 06:11 pm - Link - Report abuse 0The ignorance of the Turnips in here never ceases to amaze me...
Apr 11th, 2014 - 08:01 pm - Link - Report abuse 0Turnip No. (6) is apparently...: “Willing to wager a small sum, that oil will be coming up in the Malvinas long, long, long time before it does in Vaca Muerta”
A stupid wager considering that, already in 2011, the Vaca Muerta formation produced some 700,000 barrels of oil...
TODAY'S yearly production of Vaca Muerta is about 1,200,000 barrels...
Current plan is to increase production to 24,000,000 barrels... or more...
@7
Apr 11th, 2014 - 08:38 pm - Link - Report abuse 0He might well be a turnip, but you are a cunt....
VM hasn't sold commercially profitable drop of oil so far. Keep your arrogant and buffoonish remarks to yourself until this happens.
Any other place in the world the oil companies would be ripping their eyes off for working and investing in a formation like this.
“Current plan is to increase production to 24,000,000 barrels... or more... ”
24.000.000 kicks in Cretina's arse would be adequate. You should take a fair share too.
@5
Apr 11th, 2014 - 08:45 pm - Link - Report abuse 0Paul you are an ignoramus, do you know how much a well in the FALKLANDS will cost to drill? US$ 1.6 billion is peanuts, it will cost 10's of billions to finance Vaca Meurta . You will not see Argentina self suffient in energy before 2020 if then.
U$ 700mm is coming from YPF, methinks they are about tapped out on Int'l financing.
Apr 11th, 2014 - 10:01 pm - Link - Report abuse 0So I hope they are spending it wisely.
Paul, Lots more U$ has been invested in the Falklands. Remember it takes 10 years to develop a field.
VM has a decade to go
But if you don't see exploration companies rushing in within the next 5 moths (now) it won't happen in a generation.
My opinion for VM is if YPF has that money it should be concentrating and focusing on conventional deposits which are cheaper and desperately needed and forget VM for the time been.
Apr 11th, 2014 - 10:22 pm - Link - Report abuse 0Just use what you have now and hopefully when a new gov't comes along privatize YPF again and let investment come along to VM.
But of course its all about marketing of VM and hopefully the dollars will pour in the BCRA for the Mad Queen stay a little longer... Thats what it is all about.
@4
A pity that tractors, harvesters, trucks sowing machines dont fill tanks on soy.
9 golfcronie
Apr 11th, 2014 - 10:39 pm - Link - Report abuse 0agree, 1.6 bn is peanuts and 4 million is less than zero in oil industry.
that´s why my wise advice for all of you is: invest those 4 millions in education and/ or health care.
you could buy a ct scanner or a magnetic resonator or build a small high school and hire some “imported” enseignants.
there is nothing to do. you will be a sad colony for the rest of the creation
“you will be a sad colony for the rest of the creation”
Apr 12th, 2014 - 12:18 am - Link - Report abuse 0Paulie,
The Falklands have 40,000,000 nasty neighbors who want to nuke their whole culture into oblivion.
They persevere thru that pretty admirably. That ain't sad.
The Argentine culture of freeloading, and lying, and not paying back debts is sadder than that, isn't it?
Think, how far back in South America can you trace your ancestors?
Apr 12th, 2014 - 05:15 am - Link - Report abuse 0@12
Apr 12th, 2014 - 07:28 am - Link - Report abuse 0I think you will find that the 4 million you keep referring to is for the Floating dock. Premier oil and its partners will spend US$ 5.2 billion to first oil, most of it on Surface facilities like the TLP ( Tension Leg Platform ) which costs US$ 2.4 billion just for starters. They need to drill approx 32 wells at a cost of about US$ 50 million each, so US$ 1.6 billion for Vaca Muerta is pretty insignificant really. I appreciate that drilling is much cheaper onshore but hardly a massive investment.
12 nuke their whole culture ?
Apr 12th, 2014 - 02:02 pm - Link - Report abuse 0Which one would that be.
The token one that's entirely English/British.
There are scout clubs with more genuine individual culture.
@16 V
Apr 12th, 2014 - 06:25 pm - Link - Report abuse 0“The token one that's entirely English/British? ”
Is New Zealand Kiwi culture entirely English/British?
Are Australians just English/British?
Canadians are entirely English/British too, right?
They have their own way of life, not able to be replicated elsewhere. It is unique. The geography and climate of the Falklands assures this.
Turnip at (17)
Apr 12th, 2014 - 06:54 pm - Link - Report abuse 0Have 99.8% of New Zealand Kiwis just voted to be entirely British?
Have 99.8% of Australian Skips just voted to be entirely British?
Have 99.8% of Canadian Canuks just voted to be entirely British?
A bunch of 2,500 English Squatters in the South Atlantic just have...
The Falklanders still have their own culture.
Apr 12th, 2014 - 07:17 pm - Link - Report abuse 0You have not been around in the world the way I have. You have not been exposed to the diversity of cultures that I have. And you don't understand how it changes over distances. Wales and England have the same culture?
And they are on their OWN land, not squatters. What is your argument that they are not on their own land?
Southern Argentines and northern Argentines are both “Argentine”? Same culture?
Turnip at (19) says...:
Apr 12th, 2014 - 07:37 pm - Link - Report abuse 0“You have not been around in the world the way I have. You have not been exposed to the diversity of cultures that I have. And you don't understand how it changes over distances.”
I say...:
Woooooooooow.... Has he been around the shoulders of Orion? Has he been exposed to the C-beams near the Tannhäuser Gates? Does he understand how tears get lost in the rain?
https://www.youtube.com/watch?v=ZTzA_xesrL8
:-)))
East german culture is not like west german culture. Northern Germany has a different culture than southern Germany.
Apr 12th, 2014 - 08:20 pm - Link - Report abuse 0The everyday life of the Falklanders has to be unique. And in the face of a huge neighbor who wants to extinguish that unique way of life, the Falklanders are going to try and keep it.
That is not “sad”. That is admirable.
Turnip at (21)
Apr 12th, 2014 - 09:02 pm - Link - Report abuse 0Right.....
.............. And Nether Wallop’s culture is different from Over Wallop’s
And 2,500 Engrish Squatters in the South Atlantic provide the “perfect excuse” for the Engrish Crown to claim 12,000,000 square kilometers of South Atlantic and Antarctic territory….
That’s about 4,800 square kilometers of territory per Engrish Squatter…
Or, in plain Engrish......, an area as wast as Buckinghamshire, Hertfordshire & Buckinghamshire put together...
22 ThinkVoice
Apr 12th, 2014 - 10:18 pm - Link - Report abuse 0...drinking again
22
Apr 12th, 2014 - 10:49 pm - Link - Report abuse 0I have said I don't think they are squatters and the the Falklands is THEIR land. I asked you for your argument that the Falklands is not theirs.
The UK's claims to Antarctic territory don't have any connection to the Falkland Islands. Their claims in Antarctic have the same strength and legitimacy with or without the Falklands. You have related two things that are not related.
As well, an area of ocean can not be compared to an area of solid ground.
Business is booming in the Argentine Oil and Gas Industry and has been for last 2 years - everybody is making money down there right now. The time will come when the moron no nothing gringos on this site will agree that YPF are kicking ass and it's time to invest - shouldn't be too long now BUT that will be the time for everybody else with savvy to exit sell their investments - there will be the usual dumb ass Texan oil guys with more money and sense and ready to bet the farm and lose all their money - as I wait for the inevitable I am taking some time off down on the ranch in Neuquen brushing up on my Polo Skills and enjoying a quiet weekend in the mountains. Life is so good right now in Argentina
Apr 12th, 2014 - 10:52 pm - Link - Report abuse 0The Bakken oil field in North Dakota and eastern Montana is absolutely booming and they say the Vaca Muerta shale play is even bigger than that.
Apr 12th, 2014 - 11:15 pm - Link - Report abuse 0The Bakken field has changed the U.S.'s energy situation. Think of what the Vaca Muerta will do for Argentina. And Argentina has about an eighth the population of the U.S.
I don't know about “so good right now in Argentina” but it ought to be getting a lot better.
@26
Apr 12th, 2014 - 11:43 pm - Link - Report abuse 0First of all El Diego is paid by the gov’t to write this nonsense
I think it will be prudent to be cautious for the time being. There is very little expertise in Argentina regarding o/g industry so its very hard to get facts and myths about VM differentiated and well explained.
YPF is doing well now for the time because for the reason it has more freedom to set prices in the locally at double the real inflation level, issue debt, get differential dollar rates by the gov’t, authorization to import whatever is needed, etc. So paradoxically YPF is much more independent from the State now than it used to be before early 2012.
But just today some things have surfaced that seems to be saying that things will not be looking so bright in the future.
http://www.lanacion.com.ar/1680175-galuccio-garante-del-giro-a-la-derecha
Gallucio has a salary of somewhere between over quarter million and a million USD but he refuses to declare income and patrimony.
IMO I dont think that a company with a mayor gov't stake in it and the politicians having so much influence in it will be succesful in pumping the oil out.
Think, how many generations back can you trace your ancestors in South America?
Apr 13th, 2014 - 03:50 am - Link - Report abuse 0Turnip at (24) says...:
Apr 13th, 2014 - 08:12 am - Link - Report abuse 0“You have related two things that are not related.”
I say...:
O RLY?
Says who?
The Engrish Squatters?
Think, how many generations back can you trace your ancestors in South America?
Apr 13th, 2014 - 09:56 am - Link - Report abuse 0@12 Paul
Apr 13th, 2014 - 05:45 pm - Link - Report abuse 0“you could buy a ct scanner”
Why?
“or a magnetic resonator”
Why?
“or build a small high school”
That happened around 1990-over 20 years ago- why do they need another modern school?
And I hear the FI kids are not indoctrinated in that school.......
In those 'ultra-modern' Argentinian schools they are taught useful subjects like “How to burn tyres”
Just some “Vaca Muerta” news from the last couple of days…:
Apr 13th, 2014 - 06:11 pm - Link - Report abuse 0For KPMG the success of Vaca Muerta is inevitable…
http://shaleseguro.com/para-la-consultora-kpmg-el-exito-comercial-del-shale-en-argentina-es-inevitable/
Exxon Mobile finds oil and dinosaurs in Vaca Muerta…
http://shaleseguro.com/para-la-consultora-kpmg-el-exito-comercial-del-shale-en-argentina-es-inevitable/
Penguin News begins to inform its readers more realistically about the Malvinas Oil Bubble and the Vaca Muerta Party Party…
http://shaleseguro.com/para-la-consultora-kpmg-el-exito-comercial-del-shale-en-argentina-es-inevitable/
Statoil “thinking” about investing in Vaca Muerta…
http://shaleseguro.com/para-la-consultora-kpmg-el-exito-comercial-del-shale-en-argentina-es-inevitable/
31
Apr 13th, 2014 - 06:42 pm - Link - Report abuse 0pete
but the school system here is a bit more complex than what you imagine.
so we have national schools, provincial schools, municipal schools and a strong private system, where you can find british, spanish, german, french, italian schools, etc.
as you can imagine, not all of those respond to the national government.
in fact it is a tiny minority.
Think
Apr 13th, 2014 - 06:48 pm - Link - Report abuse 0All your links are in Spanish - you need a third party translation or English language links to back up your point, whatever it is.
troy
Apr 13th, 2014 - 07:07 pm - Link - Report abuse 0learn a second language, old man
or a third.
it won't hurt you.
33 Pab Lo-life
Apr 13th, 2014 - 08:35 pm - Link - Report abuse 0“ ...as you can imagine, not all of those respond to the national government.
in fact it is a tiny minority.”
You are wrong, again - better “google” your own country again.
I can show you how, if you like?
The Argentine government has curriculum guidelines that ALL private schools must adhere to, in order to be certified.
The growth in Argentine parents extolling their children in Private schools is increasing, but not all can afford to do so.
Parents choose to do so because they perceive them to be SAFER places for their children, with fewer days lost to teachers strikes and work stoppages.
Most students attend the state schools in primary and secondary grades and only in University level are there more in private schools.
Bear in mind, according to this article children finish Secondary school at 14 with the option to come back later for Post- Secondary.
http://www.latinvex.com/app/article.aspx?id=475
Talking to you Pablo, is ALWAYS an education
:-D
Not only are Think's posts in spanish, they are an RG PR firm representing oil invetment in Argentina.
Apr 13th, 2014 - 09:20 pm - Link - Report abuse 0Sheesh
What an idiot
The telling sign of the investment quality of VM is that nobody is investing.
NOBODY
If you don't see massive influx of U$ and exploration companies in the next 5 months you won't see them for a generation.
“ShaleSeguro.com” is far to optimistic and a PR site and is full of VM propaganda. Just for example Its title of this news in its web site is “Chevron confirmó otros u$s 1.600 millones para desarrollos en Vaca Muerta” Meaning literally “Chevron confirms another 1.6 billion USD for developing VM” when its not its YPF and Chevron putting 50%-50% each.
Apr 13th, 2014 - 10:44 pm - Link - Report abuse 0I think “El inversor Energetico & Minero” is the only few good and reliable source of this matters in Argentina
http://www.inversorenergetico.com.ar/
Think, how many generations back can you trace your ancestors in South America?
Apr 14th, 2014 - 01:52 am - Link - Report abuse 0Your links to shaleseguro.com are ridiculous. They are pro-YPF partisans and believing in them is like believing Kicillof when asked if the Argentine economy is doing great.
Dear All,
Apr 14th, 2014 - 01:39 pm - Link - Report abuse 0Please take into account when comparing Vaca Muerta with other shale o/g fields that most shale fields have product (oil and/or gas) at less than 1000 metres depth whereas Vaca Muerta's product is nore than 3000 metres below ground. This is why there is no mad scramble by o/g companies to invest in VM, it is almost as expensive to sink a well in VM as it is at sea!!!!!
40. Plus there's no water.
Apr 14th, 2014 - 02:12 pm - Link - Report abuse 0One company left after drilling 1 well and told the gov't call us when you have an aqueduct built.
That'll never happen.
@41
Apr 14th, 2014 - 09:48 pm - Link - Report abuse 0To drill and frack a well it is necessary to have huge amounts of water, I was told that you would need 2000 trucks with water.
El Diego, Brasileiro, Puerto Argentino and José Malvinero are the same troll.
Apr 14th, 2014 - 09:58 pm - Link - Report abuse 040 simon68
Apr 15th, 2014 - 01:53 am - Link - Report abuse 0Simon,
Thx for the VM info.
I hope you are doing alright in these uncertain times.
Commenting for this story is now closed.
If you have a Facebook account, become a fan and comment on our Facebook Page!