Production has been inching higher since development began in Vaca Muerta over six years ago,but soaring inflation and high bond yields are giving investors pause and slowing the full exploitation of the huge shale deposit.Argentina's Energy Secretary,Gustavo Lopetegui,said,“With yields that Argentine bonds have today,it's very difficult to justify any project,even if the quality of the resource is very good.” A US-based financial research group,the Institute for Energy Economics and Financial Analysis,said Argentina's political,fiscal,and environmental challenges mean that the country's goal of raising oil output to 1MM b/d and gas output to 260MM m~3/d by 2023 will likely fail.The group's Finance Director,Tom Sanzillo,stated,“The Vaca Muerta extraction plan promises subsidies that are unaffordable,relies on a financially weak Argentine business team,and hopes to attract global oil and gas companies when there are much better opportunities elsewhere.” He said that large companies have promised billions of dollars in investments,but solid commitments have been “thin.” The CFO of Argentine bank Grupo Supervielle,Alejandra Naughton,said rebuilding investor confidence and stabilizing Argentina's economy will take years.The country's poor economic conditions may mean that pro-market President Mauricio Macri will have a harder time winning a second term when the election is held in Oct.
展开▼
