Commodities
Argentina’s Oilfield Billionaire Has ‘Lot of Hope’ for Milei
- Rocca says Vaca Muerta can produce 1 million barrels of oil
- His pipe company Tenaris would likely benefit from a build-out
Paolo Rocca speaks at the CERAWeek by S&P Global conference in Houston, Texas on March 20.
Photographer: Aaron M. Sprecher/BloombergThis article is for subscribers only.
Paolo Rocca, billionaire chief of oil-pipe maker Tenaris SA, said expectations are high that Argentina’s President Javier Milei can turbo-charge development of the country’s shale deposits.
The Vaca Muerta basin has natural gas reserves potentially higher than those in the Permian Basin and crude reserves comparable to the giant US field, Rocca said Wednesday. Vaca Muerta’s oil production, currently at about 300,000 barrels a day, could grow to more than 1 million barrels in the next six or seven years, he added.