Repsol Says Argentine Shale Requires $250 Billion Investment
This article is for subscribers only.
Repsol YPF SA’s Argentine unit said $25 billion a year will be needed over a decade to develop shale oil resources at the Vaca Muerta formation in the south of the country, which probably holds about 23 billion barrels.
The estimate comes after further drilling in a Connecticut-sized area of Argentina’s Neuquen province and reviews of the area by independent auditor Ryder Scott, YPF said late yesterday in a statement. YPF, the local unit of Madrid-based Repsol, earlier discovered 927 million barrels of commercially viable oil at the Loma La Lata field, also located in the formation.