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French energy major TotalEnergies has approved the final investment decision for the Fenix gas development, located 60 km off the coast of Tierra del Fuego in southern Argentina. This development is said to be the world’s southernmost gas project. Through its Total Austral affiliate, TotalEnergies operates the project with a 37.5 per cent interest, in... Continue Reading →
(Reuters) - Argentine oil pipeline operator Oleoductos del Valle (Oldelval) will invest $750 million to double its transport capacity from the Vaca Muerta shale formation, the country's energy ministry announced Friday, hoping to boost exports and dollar reserves. Oldelval aims to boost capacity to 72,000 per day from 36,000 cubic meters in two years, the... Continue Reading →
(WO) From Saudi Arabia to West Texas, drillers are pumping more oil to cash in on a scorching price rally. But a region that’s home to a fifth of the world’s crude reserves is mostly missing out. All over Latin America, the upside of $100 crude has been blunted by nationalist policies that tightened government control of... Continue Reading →
(Reuters) - Argentina is on track to hit record oil output this year from its massive shale deposits, which are already responsible for record natural gas production, a key local official said on Tuesday, amid a national push to grow domestic energy supplies. Located in western Neuquen province, the Vaca Muerta shale formation is the... Continue Reading →
(Reuters) - Argentina's central bank raised its benchmark interest rate by 950 basis points on Thursday as the country struggles to keep a lid on spiraling inflation that rose to a 20-year high of 71%, according to new data. The central bank raised the benchmark 'Leliq' rate for the 28-day term to 69.5% from 60%,... Continue Reading →
(Reuters) - Argentina is planning to give tax and customs benefits to oil companies so they can boost production, the country's new economy "superminister" said on Thursday. The move comes as the country seeks to turbo-charge investments in the Vaca Muerta shale formation, the world's fourth-largest shale oil reserve and the second-largest for shale gas.... Continue Reading →
(Rigzone) Drilling and completion activity in South America is expected to peak this year after a significant slowdown in 2020 due to the global demand destruction brought on by the Covid-19 pandemic, Rystad Energy claimed. According to Rystad, the rebound is more pronounced for offshore wells, primarily driven by an uptick in activity in Brazil... Continue Reading →
(Reuters) - Argentina's peso surpassed the psychological barrier of 300 pesos per U.S. dollar in the black market on Tuesday, hitting a record low as it traded down 3% from the previous day as both businesses and individuals hold on to scarce greenbacks. The peso's latest downward slide comes amid growing doubts over the near-term... Continue Reading →
(Reuters) - Argentina will take a key step on Friday in the construction of a major new natural gas pipeline for its huge Vaca Muerta shale formation, vital to helping the South American country reverse a deep energy deficit that is costing it billions of dollars. The government, rattled by a recent shakeup in the... Continue Reading →
(Reuters) - Argentina's economic alarm bells are ringing loudly with fears of a global recession and spiraling inflation stoking investor fears over possible defaults, missed targets with the International Monetary Fund (IMF) and political unrest. The South American country, an important global supplier of soybeans, corn and wheat, has seen its bonds sink to record... Continue Reading →
