WorldOil Argentina pledges $5.1 billion subsidy for Vaca Muerta shale drillers Energy Secretary Dario Martinez said spending on subsidies is still better than the alternative of buying LNG cargoes, despite low current prices. “We’ve done the analysis and we really benefit from doing this,” Martinez told reporters in Buenos Aires Wednesday. Weatherford signs two-year surface pumping contract in Argentina Weatherford International has been awarded an exclusive two-year, $15M contract with a major independent operator in Argentina. Weatherford will provide 146 surface pumping units, including the Maximizer II surface pumping unit and the Rotaflex 2.0 long-stroke pumping unit. Argentina’s plan to protect drilling by setting oil prices gains momentum Energy markets are rarely left to their own devices in Argentina, to the frustration of many in the industry, and past governments have used controls to shield the local energy business from global price swings. Argentina considers $45/bbl floor price for domestic crude The administration of President Alberto Fernandez has circulated a proposal to set $45 as the per-barrel mandate in a bid to keep the domestic drilling business alive and sustain development of the vast Vaca Muerta shale formation during the demand-killing coronavirus pandemic. Oil crash kills Vaca Muerta’s potential as the next shale hotspot The Argentine region is often compared with the Permian basin in the U.S., with the promise to push out a million barrels of oil a day and turn around an economy on course for a third straight contraction this year. Equinor and Shell partner on Vaca Muerta acreage buy Equinor and its partner Shell have completed a joint acquisition of the 49% interest held by Schlumberger in the Bandurria Sur onshore block in Argentina’s Neuquén province. The consideration for each partner for their 24.5% interest is USD 177.5 million. New president could mean the end of Argentina’s shale opportunities Investments had been picking up in Vaca Muerta, a Maryland-sized shale formation in Patagonia that could turn the troubled nation into a global energy provider. But that was before leftist Alberto Fernandez won the presidential election last month. TGS launches 3D multi-client project offshore Argentina The Malvinas 3D survey will cover approximately 7,300 km² of the highly prospective Malvinas Basin, which saw spirited interest during Argentina Round 1 earlier this year. Good news for Vaca Muerta drillers in Argentina’s election results Some industry observers think Fernandez may provide drillers with a capital-controls loophole, which is what Kirchner did in 2013 to lure Chevron to Vaca Muerta. PESA Argentina chapter debuts in Buenos Aires United States Ambassador to Argentina Edward Prado welcomed PESA to his residence in Buenos Aires to kick off the creation of the PESA Latin America Regional District, Argentina Chapter on Tuesday, September 24.