(Energy Analytics Institute, Jared Yamin, 3.Jun.2016) – U.S.-based ExxonMobil plans to invest $10 billion over the next 20 years in the Vaca Muerta area in Argentina.
The announcement was made by ExxonMobil President Rex Tillerson during a visit the Vaca Muerta area in Neuquén with Argentine President Mauricio Macri, reported the daily newspaper iEco. Exxon has already spent $200 million on exploration drilling activities in the area.
“Depending on the success of the program, we will determine if it is possible to advance with the complete development of the project,” said Tillerson.
ExxonMobil Exploration Argentina — together with XTO Energy in association with Gas y Petróleo from the Neuquén region — plans to start a pilot project in the Bajo del Choique-La Invernada area. The project could commence in coming months with an estimated investment of nearly $250 million.
“I am very optimistic with the changes that have taken place here in Argentina with the new government. Clearly the investment climate is improving as well as the functioning of foreign trade,” said Tillerson who added that Argentina was an important area for his company.
***