Platts: Argentina Neuquen province expects 74% surge in E&P investment: governor

Neuquen, a southwestern province of Argentina with huge shale resources, will experience a 74% increase in exploration and production investment this year compared with 2012, Governor Jorge Sapag said.

Oil companies invested $2.3 billion in the province last year, he said Sunday at a public event in Junin de los Andes, Neuquen, according to a statement Monday.

"This year they are going to invest $4 billion," he said.

Neuquen, which produces 19% of the country's 570,000 b/d of crude and 44% of its 120 million cubic meters a day of natural gas, is attracting companies like Apache, Exxon and state-run YPF for its shale potential. The province is thought to hold 500 Tcf of shale gas resources, much of it in the Vaca Muerta play.  

That's far more than the country's total proved gas reserves of 12 Tcf.  MORE