Shell to invest $1.5 bln in Argentina
NEUQUÉN, April 2, 2018 – Shell will direct another USD 1.5 billion towards its Sierras Blancas-Cruz de Lorena block in Vaca Muerta, local media reported over the weekend.
The super-major plans to start the new investments in Q3 to push the block into a commercial development phase, raising production from 4,000 bopd in 2018 to at least 40,000 bopd in 2020. The plans involve a drilling campaign and the construction of a new crude processing plant.
The investment commitment was finalised during a meeting between Shell executives and Neuquén province Governor Omar Gutiérrez, who was touring the USA to drum up more support and investment to expand the development of Argentina’s shale resources.