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Chevron (CVX) says it plans to drill ~120 wells in Argentina during the next three years to...

Chevron (CVX) says it plans to drill ~120 wells in Argentina during the next three years to search for unconventional gas and oil. Argentina ranks third in the world behind China and the U.S. in potentially recoverable shale gas reserves, but its unpredictable energy policies could prove a major impediment to attracting the billions of dollars needed to exploit those resources.
Comments (4)
  • BigOlDave
    , contributor
    Comments (397) | Send Message
     
    Chevron is nuts to venture into Argentina with the government they have now. Read the following, posted by Associated Press, Updated: Thursday, August 23, 2:40 PM:

     

    BUENOS AIRES, Argentina — The CEO of Argentina’s state-controlled oil company says he’ll personally defend any investments made by foreign partners willing to place long bets on developing the country’s huge shale oil reserves.
    It’s a tough sell for YPF chief Miguel Galuccio, who needs many billions of dollars to go after the unconventional oil and natural gas.

     

    Major oil companies are holding back while Argentina refuses to pay $10 billion for the YPF shares it expropriated from Grupo Respol in Spain. Argentina also recently announced an elaborate system of price controls and said bureaucrats will decide what profits can be made by any energy company working in Argentina.
    Still, Galucccio told a conference Thursday that companies can profit from helping Argentina become an oil exporter, and that he will personally defend their investments.

     

    Copyright 2012 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.
    23 Aug 2012, 03:11 PM Reply Like
  • hwood007
    , contributor
    Comments (1207) | Send Message
     
    he needs to defend the current investors if he wants new ones.
    23 Aug 2012, 07:21 PM Reply Like
  • IgnisFatuus
    , contributor
    Comments (2094) | Send Message
     
    I have to agree with BigOlDave...until Argentina gets rid of the Woman running the show and all those that think like her, no company should expose their assets expropriation or bureaucratic price controls.
    23 Aug 2012, 03:35 PM Reply Like
  • Choosh
    , contributor
    Comments (300) | Send Message
     
    I'm sure Argentina will pay them a fair price for their wells once they prove themselves. Talk about embracing risk.
    23 Aug 2012, 11:33 PM Reply Like
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