Estimated read time: Less than a minute
This archived news story is available only for your personal, non-commercial use. Information in the story may be outdated or superseded by additional information. Reading or replaying the story in its archived form does not constitute a republication of the story.
BUENOS AIRES, Argentina (AP) — Argentina's Congress has passed an energy law aimed at luring foreign investment into its promising shale oil and gas.
The measure approved by the lower house Thursday cuts the minimum investment needed for energy companies to be exempt from import controls. It also sets new terms for concessions to 25 years for conventional energy and 35 years for shale.
Argentina has one of the world's largest deposits of shale oil and gas, but only a few companies have made commitments to develop the fields because many fear the government's interventionist energy policies.
Current concessions will not be affected. They include a deal by state-controlled YPF energy company with oil giant Chevron, which has committed to investing more than $1 billion in the Vaca Muerta deposit in Neuquen province.
Copyright © The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.
