- Argentina’s oil-producing provinces and the federal government agree to revise a 1967 energy bill to include shale, two provincial officials tell Bloomberg.
- State-run producer YPF is seen benefiting most from the new legislation, which should ease political tensions stemming from unclear rules governing the country’s shale boom and attract investors to areas such as Vaca Muerta, the huge shale formation where companies such as Chevron (NYSE:CVX), Shell (RDS.A, RDS.B) and Exxon (NYSE:XOM) are drilling wells.
- The new bill would allow energy companies that invest $250M over a five-year period to sell 20% of production in international markets without paying export taxes and to keep some export revenue outside the country for shale and conventional projects.