Pluspetrol wants Argentina to support the $12 billion Vaca Muerta shale oil project

Pluspetrol, a subsidiary of Argentina's Pluspetrol, is looking to tap into President Javier Milei’s flagship investment.incentive regime in order to finance a $12 billion shale.project.in Vaca Muerta. They are betting a lot on.the formation.that has become a focal point for the country's ambitious energy plans.

Pluspetrol announced on Thursday that it had applied to the RIGI incentive program to develop the Bajo del Choique - La Invernada Block in Neuquen Province.

The project, which will last 25 years, aims to increase production?to 100,000 barrels per day by drilling?more 600 wells and building four processing plants.

The field is located in 'the heart of Vaca Muerta', a vast shale-formation that has turned Argentina into a rapidly growing energy producer. It also raised hopes for it to become a major international exporter.

Pluspetrol has said that the project will be completed in two stages. The first stage is the southern area where the company expects to achieve a production of 50,000 barrels of oil per day, and 6,000,000 cubic meters of gas per day. The second phase, in the northern part of the area, would double this to?100,000. bpd at peak production and 12,000,000 cubic meters per day.

This investment is a significant step?for Pluspetrol which has been 'expanding their footprint in Argentina's shale patches. It also highlights the size of the race for building out capacity around Vaca Muerta. (Reporting and editing by Eliana Rasewski)

(source: Reuters)