Enormous reserves of shale oil in the south of Argentina were recently discovered by this company. Estimates indicate a 44 percent growth in Argentina's natural oil reserves. Both the South American country and the Spanish based company will profit from investing to tap into the equivalent of 927 million barrels of crude. To date, large areas remain unexplored, hiding potentially bigger reserves of oil and natural gas.
"The Spanish company's Argentine unit said Monday it has identified 927 million barrels of oil equivalent in underground rock while exploring 428 square kilometers in the Loma La Lata area. That is about 3.5% of the approximately 12,000 square kilometers it owns in the region, the vast majority as yet unexplored for shale oil and gas, the company said."
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