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LatinNews Daily - 29 June 2021

In brief: Major investment in Argentina’s ‘Vaca Muerta’

*Argentine oil and gas company, Vista, and the Swiss trading company, Trafigura, have announced the signing of a joint investment agreement for the development of 20 oil wells in the Bajada del Palo Oeste block in Argentina’s ‘Vaca Muerta’ shale oil and gas fields in Patagonia. The joint investment of approximately US$250m will be split between the two firms with Trafigura contributing 20% and Vista contributing 80%. These proportions are equivalent to the share of production from the wells that each firm will keep. Vista, the third largest crude producer in Argentina and the second largest shale oil operator in the country, has operated the Bajada del Palo Oeste block for over two years and will be the operator of the new wells. Under the same agreement, Vista has committed to supply Trafigura with 380,000 barrels per month of crude oil for its refinery in Bahía Blanca, Buenos Aires province, for 18 months. 

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