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Oil Major Betting $10 Billion on Argentina's Vaca Muerta
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ExxonMobil plans to invest over $10 billion on the development of Argentina’s Vaca Muerta shale play in the next 20 to 30 years, not far off from its December 2015 estimate of $13.8 billion. According to the EIA, Argentina boasts the second largest shale gas resource in the world (behind China).
The company’s CEO Rex Tillerson discussed the company’s future investments in the play earlier this month after meeting with Argentina's President Mauricio Macri. Macri is looking to usher in a new wave of outsider interest by lowering export taxes as well as making it easier for projects to be approved.
Tillerson commented that he is "very encouraged" by the changes Macri is making.
The estimated resource potential of the Vaca Muerta coupled with a more suitable political climate (thanks to…
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