MercoPress. South Atlantic News Agency
Argentina closer to energy self sufficiency: US$ 2.3bn investment in Vaca Muerta shale fields
Argentina's Tecpetrol, part of the Techint Group, said on Thursday it would invest US$2.3 billion in the Vaca Muerta shale fields through 2019, the largest announcement in the formation in years. Tecpetrol said in a statement the investment was made possibly due to measures from President Mauricio Macri's government, including a deal with labor unions earlier this year and a definition of price supports this month. Read full article
Comments
Disclaimer & comment rulesCan somebody tell me if this will really happen?
Mar 25th, 2017 - 03:44 pm - Link - Report abuse +1Isn't this in conflict with a trade deal with China that would see them building infrastructure in return for Argentine commodities and options on other natural resources?
“We are going to arrive in September with five or six drilling teams, each one with about 100 people, this is very important,” Senator and union leader Pereyra said
Mar 26th, 2017 - 01:55 am - Link - Report abuse +1However, only about 40 actually productive workers are needed per team, and the rest are featherbedding. Which is one of the main reasons that YPF production costs are so high.
It is all conditional to Macri 's promises of “lowering the costs, which include labour costs,” by “talking to the unions.”
Mar 27th, 2017 - 01:43 am - Link - Report abuse 0In light of several recent demonstrations and a CGT's general strike slated April 6, such promises look a bit far fetched.
@EM
Mar 27th, 2017 - 06:13 pm - Link - Report abuse 0The article says the deal with the unions has already been done.
Anyway, shouldn't you be happy that the gas and oil is now going to be extracted by an Argentine company, providing jobs in Argentina and reducing the need for imports?
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