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Huge oil discovery boosts Argentina's potential

Discussion in 'World Politics' started by steveox, Nov 9, 2011.

  1. steveox

    steveox Well-Known Member

    Jun 13, 2007
    Likes Received:
    Way Down South
    BUENOS AIRES, Argentina (AP) — A huge oil discovery by the Spanish company Repsol has sharply boosted Argentina's potential to cash in on energy and could eventually attract an infusion of investment to exploit the shale oil.

    Experts said Tuesday that the find is very promising, but it is unclear how much time and investment may be needed to capitalize on the oil beneath the rocky, barren plains of Patagonia. The company said the discovery includes 927 million barrels of recoverable oil and natural gas, of which 741 million barrels is shale oil.

    Shares in Repsol YPF SA soared a day after the find was announced, rising 6.3 percent in Madrid and 7.4 percent in New York at the close of trading on Tuesday.

    Former Argentine Energy Minister Jorge Lapena said it's a "spectacular announcement" but that the reserves have yet to be proven and that studies on economic feasibility and environmental impact still need to be carried out.

    Some environmentalists also are concerned that such oil development in Argentina would put pressure on freshwater supplies and could pollute water sources.

    "There's still a long path to go from resources to reserves, and then to put them into production," Lapena told reporters. He said the find, if proven, appears to represent about 40 percent of Argentina's reserves.


    And OPEC doesnt control that. So we can finaly break away from Middle East Oil.

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