Germany’s Wintershall Plans Argentine Investments
German Wintershall, the fourth largest gas producer in Argentina, plans to invest $600mn in the Vaca Muerta shale gas region over the next three years, online media reported March 21.
Investments will be targeted at pilot stage activities as Wintershall evaluates whether to move forward with major developments, according to Apertura Negocios.
“Investments in Argentina are pillar for us,” Wintershall upstream director Thilo Wieland said. “We have invested $600mn in Argentina in the past three years and plan to do the same in the future.”
In Argentina, Wintershall operates the Aguada Federal and Bandurria Norte blocks and partners with others in blocks in Neuquen, Mendoza and Tierra del Fuego.
Argentina still owes the company an estimated $120.8mn for its participation in the country’s Gas Plan subsidy scheme, Apertura Negocios said. Recent changes to the subsidy were not favorable for Wintershall and future investments in the country could lean more towards oil, Wieland said.