British-headquartered upstream company Phoenix Global Resources plans to invest US$2bn in Argentine unconventional oil and gas over the next five years. The news comes after the previously announced sale of stakes in four blocks, targeting the Vaca Muerta formation, to Geopark fell through.
Phoenix had agreed to offload stakes in Mata Mora Norte and Mata Mora Sur in Neuquén province and Confluencia Norte and Confluencia Sur in neighboring Río Negro. To date, Phoenix has invested more than US$750mn in unconventional assets.
SOURCE: BN AMERICAS