On April 18, Royal Dutch Shell Plc (NYSE: RDS.A) opened a treatment plant for shale oil and gas in Argentina's Vaca Muerta shale play, one of the world's largest.
The plant, announced in 2014, has the capacity to process up to 10,000 barrels per day from the Sierras Blancas, Cruz de Lorena and Coiron Amargo Sur Oeste blocks operated by Shell, the company said in a statement.
"[The plant] receives output from the wells of these blocks, processing the oil and gas to leave it ready for commercialization," the statement said.
Investment has been picking up in Vaca Muerta in recent months after President Mauricio Macri's government announced a deal with labor unions to lower costs and defined price supports.
Shell said in September it planned to invest $300 million per year through 2020 in Argentina in exploration, refining, distribution and marketing.
Recommended Reading
Keeping it Simple: Antero Stays on Profitable Course in 1Q
2024-04-26 - Bucking trend, Antero Resources posted a slight increase in natural gas production as other companies curtailed production.
NOV Announces $1B Repurchase Program, Ups Dividend
2024-04-26 - NOV expects to increase its quarterly cash dividend on its common stock by 50% to $0.075 per share from $0.05 per share.
Initiative Equity Partners Acquires Equity in Renewable Firm ArtIn Energy
2024-04-26 - Initiative Equity Partners is taking steps to accelerate deployment of renewable energy globally, including in North America.
Repsol to Drop Marcellus Rig in June
2024-04-26 - Spain’s Repsol plans to drop its Marcellus Shale rig in June and reduce capex in the play due to the current U.S. gas price environment, CEO Josu Jon Imaz told analysts during a quarterly webcast.
Ithaca Deal ‘Ticks All the Boxes,’ Eni’s CFO Says
2024-04-26 - Eni’s deal to acquire Ithaca Energy marks a “strategic move to significantly strengthen its presence” on the U.K. Continental Shelf and “ticks all of the boxes” for the Italian energy company.