More on Argentina Shale Gas Discovery
Discovery would guarantee the country’s gas supplies for “many decades”
Yesterday, Natural Gas for Europe brought readers news of a major gas discovery in Argentina READ HERE
Inviting other companies to help tap the rest of what it believes are vast energy riches, Argentine energy company YPF today discussed the 4,500bn cubic feet shale gas discovery in Patagonia.
The company, controlled by Spain’s Repsol said on Tuesday that it was teaming up with Vale, the Brazilian mining group, in a $140m deal to begin developing the discovery, which is in Neuquén province.
Vale is seeking to secure gas supplies in order to develop its $4.3bn Río Colorado potassium project in the nearby Mendoza province.
“We have been able to discover huge volumes of non-conventional gas in Loma La Lata, which opens up interesting development perspectives for the country,” said Sebastián Eskenazi, YPF’s chief executive.
He declined to confirm media reports that the area could contain as much as 250,000bn cubic feet of gas, but said that it “could permit Argentina to have energy and development for many decades to come”.
The 4,5000 bn cubic feet discovery – which compared with Argentina’s annual consumption of 1,500bn cubic feet – was enough to take the country’s current gas reserves from six now to 16 years, he said.
Read More from the Financial Times HERE