by Daniel J. Graeber
San Ramon, Calif. (UPI) Apr 11, 2013
The Vaca Muerta shale reserve area in Argentina could become one of the strongest contributors to Chevron's production growth, its vice chairman said.
Chevron said it secured an agreement with Argentine oil company YPF to develop the Vaca Muerta formation in Neuquen province in Argentina.
The U.S. Energy Department's Energy Information Administration estimates Argentina has 774 trillion cubic feet of technically recoverable shale gas resources, the third most in the world. Oil reserves are estimated at 2.5 billion barrels. Its Vaca Muerta region is considered one of the best shale reserve areas in the world.
Chevron Vice Chairman George Kirkland said the YPF deal is a unique opportunity for the company.
"Vaca Muerta could become an important contributor to Chevron's long term production growth," he said in a statement Thursday.
Chevron said it would explore shale resources over a 49,400-acre site in the Vaca Muerta play.
Chevron's existing assets in Argentina have produced, on average, 21,000 barrels of crude oil and 4 million cubic feet of natural gas.
Powering The World in the 21st Century at Energy-Daily.com
|The content herein, unless otherwise known to be public domain, are Copyright 1995-2014 - Space Media Network. All websites are published in Australia and are solely subject to Australian law and governed by Fair Use principals for news reporting and research purposes. AFP, UPI and IANS news wire stories are copyright Agence France-Presse, United Press International and Indo-Asia News Service. ESA news reports are copyright European Space Agency. All NASA sourced material is public domain. Additional copyrights may apply in whole or part to other bona fide parties. Advertising does not imply endorsement, agreement or approval of any opinions, statements or information provided by Space Media Network on any Web page published or hosted by Space Media Network. Privacy Statement All images and articles appearing on Space Media Network have been edited or digitally altered in some way. Any requests to remove copyright material will be acted upon in a timely and appropriate manner. Any attempt to extort money from Space Media Network will be ignored and reported to Australian Law Enforcement Agencies as a potential case of financial fraud involving the use of a telephonic carriage device or postal service.|