Argentina aims to revive the dead cow.

摘要

Amid the ongoing oil price and demand rout caused by the COVID-19 pandemic, the South American nation is taking steps to revive activity in its Vaca Muerta shale play. Major international Vaca Muerta developers, including Chevron Corp., ExxonMobil Corp., and Royal Dutch Shell, all announced massive spending cuts in response to the demand and price rout caused by COVID-19 with XOM and Shell winding down investment in Argentina. State energy firm YPF also reduced its 2020 spend by 20% from 2019 levels to $2.8B, resulting in the company shuttering 50% of its oil output from the Vaca Muerta's largest oilfield (Loma Campana) in April. According to Baker Hughes data, there were only six active rigs in Argentina at the end of June 2020, down from 68 operating at the end of June 2019.