Production Boost
TotalEnergies plans to invest $10 billion in Argentina, as the company seeks to boost production both onshore and offshore, according to a report from Reuters.
TotalEnergies is Argentina’s largest international natural gas producer, representing around 25% of the country’s output. The company operates the Cuenca Marina Austral-1 (CMA-1) block offshore the coast of Tierra del Fuego in southern Argentina, which houses the Hidra, Kaus, Carina, Aries, Vega Pleyade, and Fenix fields. It also manages three onshore blocks in the Vaca Muerta shale formation within the prolific Neuquen basin: Aguada Pichana Este, San Roque, and Pampa de Las Yeguas.
“We want to enhance production to 16 million cubic metres per day,” said TotalEnergies chief executive Patrick Pouyanne, adding that investments of between $4 billion and $5 billion are expected over the next 10 years. Among the planned investments are the drilling of new wells in Tierra del Fuego and the expansion of gas production in Neuquen.
