“The well, which will cost about US$100 million, is set to start between next December and June of next year, but the works in the Mar del Plata port have already begun. According to Guiscardo, Vaca Muerta required close to U$S780 million since 2009 to explore 87 wells and detect reserves of 29,100 MBOE. Brazil, with close to 2,200 offshore wells, managed to double its crude oil production from 2 to 4 million barrels. Lamacchia said that the Mar del Plata offshore project can have up to 50% of locally made components, cautioning nonetheless that it would not be easy. He also estimated that the national government would receive between 58% and 62% of the total profits from this project.

Source: Bueno Aires Herald September 15, 2023 14:46 UTC