Argentina's shale oil production reached a new monthly record in December , the energy ministry said on Tuesday, fueled by continued development of the huge Vaca Muerta shale formation.
The country pumped an average of 282.4K bbl/day of shale oil last month, nearly a third more than in the same month a year earlier.
Shale production comprised 45% of Argentina's total oil output of 622.5K bbl/day in December, which also marked the highest volume since 2009 and more than 11% better than the year-ago month.
The government also said it expects to launch an auction for the construction of the second section of a major natural gas pipeline from Vaca Muerta in the next 90 days.
Argentina's YPF ( NYSE: YPF ) and Malaysia's Petronas reportedly are looking for partners to help build a $10B liquefaction terminal , a key for raising production from Vaca Muerta.
Argentina has some of the largest shale reserves in the world, and YPF ( YPF ) is "a very undervalued sleeping shale giant," Power Hedge writes in an analysis published on Seeking Alpha .
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Argentina pumps record monthly shale oil output as Vaca Muerta ramps up