Latin America Vastly Underspends on Green Post-Pandemic Recovery ipsnews.net - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from ipsnews.net Daily Mail and Mail on Sunday newspapers.
DeSmog
Dec 19, 2019 @ 15:43
Even as international climate negotiators tried to make progress at the UN climate summit in Madrid in early December, fossil fuel production and consumption has continued to rise, and major oil companies have been seeking new horizons to exploit.
The industry is not slowing down, even in the face of the worsening climate crisis. Although many oil companies signed on to the Paris Climate Agreement, they have simultaneously poured $50 billion into projects since 2018 that are not aligned with climate targets. The industry also has plans to invest $1.4 trillion in new oil and gas projects around the world over the next five years, despite the fact that existing projects contain enough greenhouse gases to use up the remaining carbon budget.
Argentina’s YPF to invest $1.5 billion to ramp up Vaca Muerta output
Argentina’s YPF said March 19 that it plans to invest more than $1.5 billion this year to ramp up oil and natural gas production in the Vaca Muerta shale play, a latest move by the state-backed energy company to rebuild output from a slump in 2020.
The investment “will translate into a significant increase in oil and gas production” compared with 2020, YPF chairman Pablo Gonzalez said in a statement.
The aim is to boost shale oil output by 56% and unconventional gas output shale and tight by 70% this year compared with 2020, the company added.
Argentina’s Vaca Muerta tight oil deposit is now producing at record levels, matching US well scores
February 3, 2021
The oil production decline that the Covid-19 pandemic brought to Argentina’s Vaca Muerta formation now seems like a distant memory. The reserve’s oil output has not only rebounded to pre-pandemic levels but also reached a record high of 124,000 barrels per day (bpd) in December 2020, a Rystad Energy report reveals. The ascent can continue towards the 145,000–150,000 bpd range by the end of 2021 if current activity levels continue.
Vaca Muerta, meaning dead cow in Spanish, is holding shale gas and tight oil economically recoverable resources of global significance. The previous oil production record before December was set in March 2020, when output reached 123,000 bpd.