This announcement came after a meeting between the Minister of Economy, Martín Guzmán, and the president of the General Fuel Company (CGC), Hugo Eurnekian, where both highlighted the “significant potential” for energy in the South American country.
During the meeting, the head of CGC also detailed the implementation of an investment plan valued at 128 million dollars in producing wells in the Austral Basin, an initiative financed in September 2021 through the placement of negotiable obligations in the local market. , where the Sustainability Guarantee Fund (FGS) subscribed 100 million dollars.
“These funds will be used for the exploitation of gas blocks and the development of unconventional tight gas resources, through the drilling, completion and commissioning of 33 new wells in the Austral Basin of the province of Santa Cruz (south of the country),” the Argentine Ministry of Economy said in a statement.
In this sense, the Minister of Economy recognized that Argentina “faces great challenges due to the global (energy) crisis”, but also has the opportunity to promote the development of a key sector to “give greater competitiveness to the entire productive matrix of the country ”.
“We have been advancing in conditions that allow us to increase investment, both from macroeconomic stabilization policies, investment in energy infrastructure and the role that the FGS of the Anses (National Social Security Administration) is playing in order to allow the Argentina has more financing for investments in the real economy and in particular in energy”, said Guzmán.
According to the Ministry of Economy, the investment project announced today forecasts that the total income of foreign currency from increased exports and import substitution during the projected 20 years will reach 734 million dollars, of which 35.5 million correspond to exports of oil and another 698.5 million to the substitution of gas imports.
During that period, the total natural gas obtained could amount to 2,000 million cubic meters, equivalent to 4.4% of the production registered in 2020, according to government forecasts.
The entrance Argentina announces energy investments for more than 300 million dollars was first published in diary TODAY.
