The Vaca Muerta shale basin, the second largest unconventional gas reserve in the world and the fourth largest oil reserve, gives the country strong advantages in the oil and gas markets, he said, speaking to an audience of Houston energy industry executives.
“I’m convinced that based on the amount of reserves that Argentina has, we have to think about designing a country where energy is the central axis,” Fernandez told the audience, which included executives from Chevron Corp. Exxon Mobil Corp, Equinor, Shell and Schlumberger.
The Energy Bill, being drafted with Economy Minister Sergio Massa, will encompass LNG, hydrogen, lithium, solar and other forms of energy, Fernandez said. in remarks after the event.
This year again, the South American country will experience a trade deficit in energy, Fernandez said, but the government expects that the increase in production from Vaca Muerta and the construction of a national gas pipeline key reverse this deficit. By 2026, Argentina will have an energy trade surplus of $13 billion, he said.
Energy companies operating in Argentina hope the pipeline will be ready soon, leaders at the meeting said, noting that lack of sufficient capacity has delayed some plans to increase gas production and curtailed oil production and associated gas.