Total approves Vaca Muerta shale project, increases its stake

Total approves Vaca Muerta shale project, increases its stake

7:51 AM, 27th April 2017
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PARIS, FRANCE: Total SA has approved the development of the first phase of the operated Aguada Pichana Este license in the giant Vaca Muerta shale play in Argentina. Moreover, the group will also increase its interest in the license from 27.27 percent to 41 percent.

Gas production from the project will be treated at the existing Aguada Pichana gas plant which will thus reach its full capacity of 16 million cubic meters per day (100,000 barrels equivalent per day).

As part of the project, the Aguada Pichana partners (Total Austral SA, YPF SA, Wintershall Energia SA and Panamerican Energy LLC) have entered into a memorandum of understanding that includes an increase of Total’s participation to 41 percent in the Aguada Pichana Este project being developed.

"Launching this project is a key milestone in the development of the giant Vaca Muerta shale play. Total is also increasing its interest in the East part of the Aguada Pichana concession where the results of pilot wells drilled to date have been excellent. The development will benefit from the use of existing facilities, enabling the production of shale gas at a very competitive cost,” said Arnaud Breuillac, president exploration & production, Total.

“This is one of the ten major projects that Exploration & Production plans to sanction in 2017-2018, taking advantage of the favourable low-cost environment, which is now approved and will contribute to the group’s production growth beyond 2020,” added Breuillac.

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