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Argentina shale deals follow political shift

ExxonMobil and Dow Chemical have announced plans to invest in Argentinian oil following the election of Mauricio Macri

Argentina’s president Mauricio Macri has been in office for less than two weeks, but his election victory is already being felt in the oil industry. ExxonMobil and Dow Chemical this week separately announced plans to invest a total of around $750m in the burgeoning Vaca Muerta shale, a sign that investors have been waiting for the political winds to shift in Buenos Aires. At an announcement ceremony attended by Macri, state-run oil company YPF said that it and Dow Chemical planned to invest $500m in 2016 on developing the Orejano shale-gas block in Vaca Muerta, a vast shale formation in Patagonia thought to hold tens of billions of barrels of oil and gas. The companies plan to drill 30 new

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