ExxonMobil plans to invest US$200m in the Argentinian Vaca Muerta shale gas play (Neuquén Basin, Patagonia). The company has filed a request to the government of Neuquén province (Argentina) for a 35-year unconventional production concession in the Los Toldos I Sur block. Exxon is the operator of the Los Toldos I Sur block (80% owned), while Argentine oil company Tecpetrol and province-owned Gas y Petroleo de Neuquén each own 10%.
In 2012, potential shale gas reserves in the Vaca Muerta Block were estimated at 19,820 bcm by the US EIA, i.e. the equivalent of more than 300 years of current gas consumption. Since the discovery, Argentina has planned to invest massively in shale oil exploration and production in the asset through YPF. According to the Government, total long-term investments to develop the Vaca Muerta shale deposits are estimated at US$200bn. The development of the Vaca Muerta play could restore Argentina's energy independence and, as of today, its reserves are expected to amount 308 Tcf (around 8.7 Tcm) of shale gas and 16.2 Gbl of shale oil.