Argentinian shale suffers further setbacks
The government was relying on Vaca Muerta to solve its financial problems. But another default looms as Covid-19 disrupts growth plans
Argentina’s shale industry, like its US counterpart, is facing possible financial ruin. Plunging oil prices have reduced production in the Vaca Muerta basin to a trickle, while lockdown of facility workers is further slowing operations. And the threat of widespread job losses and potential bankruptcies is disastrous timing for a government desperately needing oil revenues to stave off a ninth national default. State oil company YPF is particularly feeling the effects. The firm has been the leading driver of growth in the Vaca Muerta basin, working in collaboration with several international joint partners including Malaysian state oil firm Petronas and Chevron. Diminished physical demand, re
Also in this section
24 April 2024
But even planned exploration activity is unlikely to reverse declining output from mature fields
23 April 2024
Cheaper Russian barrels and lower overall crude prices have helped cut key oil consumer’s import bills in election year
22 April 2024
Pursuing three different goals as part of the same package may mean achieving none of them
22 April 2024
Beijing’s renewed targeting of NOC management could threaten investment