Patagonian Opportunity
An often-overlooked part of the global shale picture is Argentina’s Vaca Muerta (Dead Cow) field; currently the world's second largest commercial shale formation with an estimated recoverable 1.6 billion bbls of crude oil and 308 trillion cubic feet (Tcf) of associated natural gas. Recent years have seen Argentina's crude export volumes limited following the collapse in oil demand linked to Covid-19, poor export infrastructure and an unfavorable business environment compounded by ongoing macroeconomic instability. Argentina is not by any means a major energy exporter compared to other local producers such as Brazil or Venezuela. However, improving energy market fundamentals and increased investment could boost Argentine crude and natural gas production moving forward.
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