Wintershall signs new investment agreement for Vaca MuertaGerman oil and gas company to expand its participation in the Aguada Federal block in Neuquén province
Buenos Aires. Wintershall Energía S.A. and the local state-owned energy company Gas y Petróleo del Neuquén S.A. have signed an agreement under which Wintershall, Germany’s largest internationally active crude oil and natural gas producer, increases its participation interest in the Aguada Federal block from 50% to 90%.
In March 2015, Wintershall began with an own-operated exploration campaign in Aguada Federal block and has already drilled two vertical exploration wells which are currently being tested. The exploration wells aim to provide important information about the characteristics of the crude oil and natural gas reservoir, which includes promising shale rock of the Vaca Muerta formation.
Together with the United States, Argentina is one of the most important growth regions in the field of unconventional oil and gas production. The South American country has the second-largest shale gas deposits and the fourth-largest shale oil deposits in the world.