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Report: New Supermajor Jumping into the Argentine Shale Fray
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Supermajor BP plc has set it sights on Argentinean shale development, with plans to invest ~$1.4 billion on development, according to a report by Reuters.
BP will conduct its operations through its subsidiary, Pan American Energy LLC. An announcement on the matter could be made as early as next week.
Sources familiar with the matter said that BP is planning to invest in the Neuquen and Tierra del Fuego provinces.
BP would join other major E&P companies who have already planned extensive investment in the country, namely ExxonMobil, who plans to invest over $10 billion on Argentine operations over the next 20-30 years.
Other companies making investments include:
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