Log in
E-mail
Password
Show password
Remember
Forgot password ?
Become a member for free
Sign up
Sign up
New member
Sign up for FREE
New customer
Discover our services
Settings
Settings
Dynamic quotes 
OFFON
News: Latest News
Latest NewsCompaniesMarketsEconomy & ForexCommoditiesInterest RatesBusiness LeadersFinance Pro.CalendarSectors 
All NewsEconomyCurrencies & ForexEconomic EventsCryptocurrenciesCybersecurityPress Releases

Argentina sends energy bill to Congress to boost Vaca Muerta

09/15/2021 | 01:55pm EDT

BUENOS AIRES, Sept 15 (Reuters) - Argentina's government sent a bill to Congress on Wednesday to promote hydrocarbon investment, in a bid to increase domestic production in the huge Vaca Muerta shale formation and beyond, as well as to boost oil and gas exports.

The project propose an incentive scheme based on increased approvals for oil and gas exports, and boosting access to foreign exchange markets - now hindered by capital controls.

"The ambition is for Argentina to produce in excess and export the surplus to bring in dollars," center-left President Alberto Fernández said during a presentation ceremony. "We have enormous potential and we cannot waste it."

The initiative aims to boost hydrocarbon production in the key Vaca Muerta shale formation, an area the size of Belgium and estimated to be the world's fourth largest reserve of shale oil and the second for unconventional gas.

"We have to give the maximum boost to oil and gas activity," Fernandez added.

"For that we have decided to give certainty so that no one goes forward blindly seeing how things change in the coming months or years. It is a plan that foresees 20 years of stability in fiscal matters."

The bill, which also seeks to promote regional development and guarantee self-sufficiency, provides for a general investment promotion regime that will be in effect for 20 years. (Reporting by Walter Bianchi; Editing by Adam Jourdan and Marguerita Choy)


© Reuters 2021
Latest news "Economy & Forex"
01:37aPhilippines' Synergy Grid sets guidance for up to $386 million share sale
RE
01:35aPhilips lowers outlook as recall, parts shortages bite
RE
01:26aIndonesia's 2021 crude palm oil exports seen sharply lower - industry body
RE
01:23aGSK : Berenberg cuts target price to 1540p from 1625p
RE
01:23aTESCO : For Britain's chicken farmers, Brexit and COVID brew a perfect storm
RE
01:14aChina's economy stumbles on power crunch, property woes
RE
01:13aHow green champion Sweden could end up exporting its carbon sins
RE
01:13aJapan must issue bonds to fund pandemic-relief steps, PM Kishida says
RE
01:00aU.S. refiners set for higher earnings on fuel demand strength
RE
12:59aOil prices climb as COVID recovery, power generators stoke demand
RE
Latest news "Economy & Forex"