BP’s Dudley Favors Argentina Shale Over Costly Texas Permian
- Vaca Muerta fields have ‘enormous potential,’ Dudley says
- Permian Basin shale assets too expensive for company right now
BP CEO: Why We're Seeking More Opportunities in Argentina
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BP Plc would rather invest in Argentina’s shale oil fields than in Texas’s Permian Basin, the U.S. drilling hot spot, Chief Executive Officer Bob Dudley said.
The U.K. oil producer is seeking to buy more assets in Argentina’s Vaca Muerta shale fields, which have “enormous potential,” Dudley said in a Bloomberg Television Tuesday in Buenos Aires. The government there has improved the investment appeal of the country by helping foreign companies cut through red tape, he said.