BP unit Pan American Energy, French firm Total, Argentinian company Wintershall Energía and the country's state-run oil firm YPF have agreed a $1.15bn joint investment to expand production at the Vaca Muerta shale formation in Neuquen. According to a statement the deal will take production from from 2.2 million cubic metres per day to 4.5 million cubic metres. The announcement comes as Argentina is struggling with its worst economic crisis since the end of the military dictatorship that ruled for nearly three decades.
BP unit Pan American Energy, French firm Total, Argentinian company Wintershall Energía and the country's state-run oil firm YPF have agreed a $1.15bn joint investment to expand production at the Vaca Muerta shale formation in Neuquen. According to a statement the deal will take production from from 2.2 million cubic metres per day to 4.5 million cubic metres. The principal government in the Neuquen region has agreed to split the Aguada Pichana area into two, combine it with the Aguada de Castro area to be controlled by Total and BP respectively.