Argentine to Auction Oil, Gas Blocks

Gas y Petroleo del Neuquen SA, the oil and gas company owned by Argentina’s Neuquen province, plans to auction exploration rights to six blocks in the Vaca Muerta shale play, local media reported on Saturday, Reuters reported. Company representatives will travel to Dallas in January to drum up interest from US independent exploration and production companies for the auction, GyP President Alberto Saggese told Argentine newspaper Rio Negro. Vaca Muerta, one of the world’s largest shale formations, has attracted investment from Exxon Mobil Corp and Chevron Corp, but remains largely unexplored. Argentina’s government has sought foreign investment in Vaca Muerta to drive economic growth and overcome an energy deficit.