Argentina's Pampa Energia will pump $1.5 bln into a key shale-oil project by 2027

Pampa Energia, a natural gas producer in Argentina, announced on Thursday that it plans to invest $1.5billion between 2025-2027 in order to increase production in a major oil field in the massive Vaca Muerta shale deposit.

Pampa Energia announced its intention to invest $700 millions next year in the Rincon de Aranda shale shale in western Neuquen Province.

According to the presentation, the investment in the project will reach $1.5 billion between 2027 and 2027.

Pampa Energia (Argentina's third largest natural gas producer) also plans to increase its oil production by tenfold to reach 50,000 bpd, but did not give a time frame. (Reporting and editing by Eliana Razewski)

(source: Reuters)