Government seeks to invest $ 30,000 million in energy in Texas – 11/03/2019

On the first day of his visit to the heart of the United States, Finance Minister Nicolás Dujovne and Energy Secretary Gustavo Lopetegui attempted to seduce businessmen from the business sector. 39 energy and presented investment opportunities in Texas for $ 30,000 million in the coming years.

At a luncheon in front of more than 120 businessmen at the headquarters of the Argentine Institute of Oil and Gas (IAPG) in Houston, Dujovne gave an overview of the economic reforms introduced by the Government of Mauricio Macri and said that Argentina was today "In a much better situation than in 2015". He acknowledged that 2018 had been "a difficult year" for many families and businesses, but that they had begun to "lay the groundwork for sustainable growth."

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"The energy sector is a vector of our growth and our integration into the worldAdded the Minister to an audience of representatives from Exxon Mobil, Chevron, Total, Shell, YPF, Pluspetrol, BP, Tecpetrol, Panamerican Energy and Schlumberger, among others. sector.

Lopetegui is then extended to the "jewel" Argentinian, Vaca Muerta, who – said the official – continues to break records. "This already represents about 20% of oil production and 40% of gas production, it is only the tip of the iceberg, we only use 4% of the total area", he declared.

The official said that to continue the journey, investments and He pointed out the opportunities that would come in the next few years for 30 000 million dollars (10,000 in oil and gas, 8,200 in infrastructure, 12,000 in electricity and renewables and 3,000 in access to new markets), he thinks.

In the gas market, Lopetegui said that this year, it would provide more than 85% of local production and, at the same time, began to export. The secretary said that to continue to increase production, major investments in infrastructure are needed. He said, for example, that the call for bids would be awarded in August will build a new gas pipeline to connect Vaca Muerta to Buenos Aires this would involve about $ 1,500 million and other extensions of existing pipelines.

Regarding oil, Lopetegui baderted that in recent months, Shell, YPF-Petronas and Vista had announced investments of $ 7.5 billion over four years, which increase production by 40% of current production. "At the end of this year, we will start being exporters of light oil, an unprecedented thing for Argentina," The secretary announced and highlighted the advances of renewable energies which today account for 12% of the consumption of electric energy.

The agenda of officials in Houston will continue tomorrow, with a meeting with the US Secretary of Energy, Rick Perry, and oil officials such as Chevron, Shell, E & P Americas Total, Cheniere Energy and Petronas.

Wednesday, Argentine officials will arrive in Washington, where they will meet with US Treasury Secretary Steven Mnuchin, as well as officials from the IDB and the World Bank. The highlight of the tour will be Dujovne's meeting with Christine Lagarde, the Managing Director of the IMF.