Vaca Muerta: US $ 520 million investment in unconventional gas

Pampa Energía ExxonMobil Argentina and Total Austral signed with the government of Neuquén an agreement of exploitation of unconventional hydrocarbons in the region of the Sierra Chata de Vaca Muerta a concession that will represent a volume of investment of 520 million .

The agreement includes a 35-year operating license and an investment process that will last five years, according to a statement by Pampa Energía issued by the National Securities Commission ( CNV).

Almost 51% of participation in the concession belongs to ExxonMobil Argentina (will disburse US $ 265 million of total investment), 45.5% is Pampa Energía (US $ 237 million) and ] 3.45% rest corresponds to Total Austral (almost u $ s 1 8 million).

Sierra Chata is located in the Vaca Muerta field, 150 kilometers northwest of the city of Neuquén, and covers an area of ​​863.8 square kilometers.

The concession also includes the payment of an operating bonus and a contribution to corporate social responsibility for 30 million US dollars.

"This project is part of the strategy of concentrating its investments in the exploration and production of natural gas, with particular emphasis on the development and exploitation of unconventional gas reserves. ", he stressed Pampa Energía .

The permit will come into force when the government of Neuquén signs the corresponding provincial decree.