Total said it will spend USD 500 million over 3 to 4 years to develop a shale-gas prospect in Argentina as the country’s government has promised to set a minimum price to attract investors. The company is proceeding with the first-phase development of the Aguada Pichana Este license in the Vaca Muerta formation. Total plans to increase its interest in the license, co-owned by YPF, Wintershall, and Pan America Energy, to 41% from about 27%, pending local regulatory approval.
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