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YPF and Dow sign US$500m agreement to further develop shale gas

Wednesday, December 16th 2015 - 08:20 UTC
Full article 5 comments
President Macri attended the signing ceremony. His administration plans to triple gas production by the end of 2016 President Macri attended the signing ceremony. His administration plans to triple gas production by the end of 2016

Argentina announced on Tuesday an agreement between state-run oil company YPF and Dow Chemical to spend $500 million next year developing a natural gas project in the Patagonia region.

 President Mauricio Macri presented the plan for the next phase in the exploitation of the El Orejano gas field, part of the Vaca Muerta shale formation in the southern province of Neuquen.

The aim is to triple gas production by the end of 2016 to 2 million cubic meters a day, a statement from Macri's office said.

Dow and YPF launched the El Orejano project in 2013 and have already invested $350 million.

Macri highlighted the importance of “joint efforts between an Argentine firm such as YPF and a multinational as respected as Dow,” and emphasized that gas production aid job creation and economic development in Argentina.

It was the first of what he said he hoped would be many private sector announcements to boost investment in Argentina.

“We should be optimistic about the future,” Mr. Macri said, “even though we have a complicated present.”

Top Comments

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  • ilsen

    $500 million?
    just peanuts in this game, still, you know what they say, you pay peanuts, you get...

    Dec 16th, 2015 - 08:34 am 0
  • Troy Tempest

    Is this the start of a new Marshall Plan?

    Dec 16th, 2015 - 09:07 am 0
  • yankeeboy

    Dow routinely has its gas shut off to its plants. This is a way to guarantee supply and pricing. Nothing more.

    Dec 16th, 2015 - 01:02 pm 0
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