Argentina's state-run energy company YPF and Malaysia's Petronas agreed this week to invest US$ 2.3 billion in a shale oil project in Vaca Muerta, with a target of reaching 60,000 b/d of oil equivalent by 2022. The investment will be in La Amarga Chica, where the companies have been testing the shale oil potential since 2015 and have spent US$ 550 million to date in the process, YPF said in a statement.
Argentina plans to launch a delayed offshore licensing round in October as it seeks to explore a large frontier region in the South Atlantic for potential oil and natural gas production growth in the future. This was announced to oil executives in Houston by Argentina's energy secretary Javier Iguacel.