Shell, YPF to invest US$300 million at Vaca Muerta in next two years

Shell and Argentina's state energy firm YPF have announced the start of production at Vaca Muerta, the major shale oil and gas deposit located in the Patagonia region, according to the Río Negro news outlet.

With a US$300-million investment, the companies hope to reach a production of 15,000 barrels per day by 2024 and employ 800 people.

The plans were announced Wednesday during a press conference attended by Shell Argentina President Sean Rooney and YPF Vice-President of Upstream Pablo Iuliano.

Currently, the Vaca Muerta field has eight areas ready for industrial operations out of a total of 41 concessions and produces a third of the total national crude production.