In Houston, Dujovne and Lopetegui promoted Vaca Muerta in search of the elusive "investment rain"

WASHINGTON.-

Nicolás Dujovne

landed in Houston with the tranquility that Kirchnerism's defeatism generated for the ruling party at the governor's election in Neuquen, homeland of

Dead cow

a jewel that the government aspires to transform into a pillar of economic development.

In search of the elusive "rain of investment", and with the economy in therapy, the government has provided new figures on the success of the deposit, which already accounts for 20% of oil production and 40% of oil production. % of gas production.

Dujovne called on businessmen to repeat the message that President Mauricio Macri left in Congress: Argentina is better off than in 2015 and they started to "lay the groundwork" for development. And he promised to achieve the fiscal goal.

"We are on track to reach our goal of a balanced primary budget in 2019, for the first time in years, and provinces and municipalities still have a lot to do in this way," Dujovne said in a speech before more than 120 businessmen. at a luncheon hosted by the headquarters of the Argentine Institute of Oil and Gas (IAPG) in Houston.

"Argentina has tremendous potential in a wide variety of sectors and industries, the energy sector is without doubt one of those," said the Treasury Chief, accompanied by Secretary of Energy.

Gustavo Lopetegui

and Ambbadador Fernando Oris de Roa.

According to official sources, Exxon Mobil, Chevron, Total, Shell, YPF, Pluspetrol, BP, Tecpetrol, Panamerican Energy and Schlumberger have listened.

More than three years after the arrival of Mauricio Macri, the government is still looking for the "investment rain". Dujovne and Lopetegui landed in Houston with the mission to promote projects worth US $ 30,000 million for the next few years in the fields of oil and gas, infrastructure, electricity and renewable energies, as well as access to new markets.

The two officials will continue their trip to Washington, where Dujovne will visit the International Monetary Fund to meet Christine Lagarde, at the same time
board of the body gives the green light to an expenditure of about $ 10,800 million, the highest level of this year with the shield of nearly $ 57,000 million that Argentina received to overcome the crisis caused by the rate exchange rate of 2018.

Dujovne delivered an orphaned announcement, with just two basic fundamentals of the economy: the reduction in the fiscal deficit left the budget surplus higher in eight years, let us remember, and the increase in exports in 2018, by 5%, despite the drought.

"We are in line to reach our goal of a balanced primary budget in 2019, for the first time in years, and provinces and municipalities still have a long way to go," said Dujovne.

Lopetegui was responsible for showing the figures of Vaca Muerta: between January 2018 and January 2019, production increased by 87% in
shale oil and 215% in
shale gas. Every month, he added, records of unconventional oil production are being beaten.

"The success we are seeing in Vaca Muerta, which already accounts for about 20% of oil production and 40% of gas production, is only the tip of the iceberg, we only use 4% of the total area, "said the Secretary of Energy.

"To continue on this growth path of investment and production, we must continue to work at the Vaca Muerta table with employers, unions and the provincial government," he added.

Mr. Lopetegui highlighted the advanced renewable energy, which already totals 126 projects in development for 4593 MW of installed energy, representing an investment of more than 6 800 million US dollars in March. In December 2019, wind and solar power will account for 12% of electricity consumption, up from 2% four years ago.