Argentina will have natural gas for 509 years
The Department of Energy has confirmed that the South American country holds more natural gas trapped in shale rock than all of Europe does, a 774-trillion-cubic-feet (tcf) bounty that could transform the outlook for Western Hemisphere supply and that could be the third largest in the world. The production of this gas involves horizontal drilling and hydraulic fracturing, unconventional techniques that revolutionized gas markets, opening up 100 years of new supplies.
While shale exploration in Argentina is still in its infancy and it is early to determine exactly how much gas can be tapped economically, the country's technically recoverable shale reserves would be worth over USD 3 trillion at today's U.S. futures markets prices, reported Reuters news agency.
"In the richest area of Argentina’s Neuquén Basin of, at least one third or half of the reserves could be economically viable based on current prices," explained the energy consulting firm Advanced Resources International, which prepared the DoE report.
It is worth adding that these reserves may encourage the momentum for further investments in the sector and also increase the volume of natural gas in Argentina. In this sense, it may guarantee the supply of fuel for different uses, including transportation.
While shale exploration in Argentina is still in its infancy and it is early to determine exactly how much gas can be tapped economically, the country's technically recoverable shale reserves would be worth over USD 3 trillion at today's U.S. futures markets prices, reported Reuters news agency.
"In the richest area of Argentina’s Neuquén Basin of, at least one third or half of the reserves could be economically viable based on current prices," explained the energy consulting firm Advanced Resources International, which prepared the DoE report.
It is worth adding that these reserves may encourage the momentum for further investments in the sector and also increase the volume of natural gas in Argentina. In this sense, it may guarantee the supply of fuel for different uses, including transportation.
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