The Argentine state-run oil and gas company Yacimientos Petrolíferos Fiscales (YPF) plans to invest US$30bn over 5 years (2018-2022) in order to ramp up its oil and gas output by 25% (5% growth per year) while it expects a 150% growth for its shale oil and gas business. Once completed, this investment programme will help the company to reach a daily production of 700,000 bbl/d in 2022.
Argentina's main shale gas reserves are located in the Vaca Muerta Block (Patagonia). 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.