US producer Continental claims that the shale resource in Argentina could be "another Permian".

Continental Resources CEO Doug Lawler stated on Tuesday that Argentina's shale resource might be similar to the size of the Permian Basin in the United States.

Lawler, a U.S. oil company, said that the oil production potential in Argentina could be as high as 1.5 to 2 million barrels a day within the next few years.

He said, "It could be a Permian rock if we had our minds open."

Continental increased its stake in Argentina's Vaca Muerta shale basin last month by purchasing a non-operating share in four blocks.

Lawler stated that Argentina must invest in its oil infrastructure, reforms and tax incentives to encourage investment.

He said he is not concerned about the risks of nationalization in South America. He was confident in Argentina, and believes that investing anywhere can be risky, even in the United States.

Harold Hamm is the founder and chairman emeritus at Continental. He said that the company was looking into energy production in Venezuela. The administration of U.S. president Donald Trump must?create the proper conditions. Trump has called on American oil companies to invest $100 billion in Venezuela's energy sector.

Lawler added that Continental is also evaluating the possibility of selling natural gas in order to power data centres. (Reporting and writing by Valerie Volcovici in Washington, Sheila Dang, editing by Rod Nickel.)

(source: Reuters)