Vaca Muerta auction reportedly set for next March

|By:, SA News Editor

Argentina's Neuquen province reportedly has scheduled for March next year a lease sale for rights to develop a 500 sq. km swath of the Vaca Muerta shale formation, considered one of the biggest in the Western Hemisphere.

Vaca Muerta could hold as much as 661B barrels of oil and 1181T cf of natural gas, according to YPF, which operates in 3M net acres of the play.

In July, Chevron (CVX) signed an agreement with YPF to invest $1.24B in Vaca Muerta, the first major investment announced in Argentina's oil sector since YPF's nationalization.