Argentina's Tecpetrol to wait for macro stability before seeking financing

Reuters09-09

UPDATE 1-Argentina's Tecpetrol to wait for macro stability before seeking financing

Adds details

BUENOS AIRES, Sept 8 (Reuters) - Argentina's oil company Tecpetrol will wait for more macroeconomic stability before seeking new market financing to increase its investments, CEO Ricardo Markous said on Monday.

Tecpetrol, which controls nearly 15% of the country's shale gas production, secured market financing at a 7.5% rate earlier this year, Markous said at the Argentina Oil and Gas conference in Buenos Aires.

The company has a significant presence in Vaca Muerta, the world's second-largest unconventional gas reserve and fourth-largest oil reserve. Tecpetrol plans to invest $2.5 billion in its 78-square-kilometer Los Toldos II unconventional oil project.

Markous said two Nabors drilling rigs are expected to arrive between late 2025 and early 2026 for Los Toldos II, with production anticipated to reach 70,000 barrels per day by mid-2027.

(Reporting by Eliana Raszewski; Editing by Sarah Morland)

((natalia.siniawski@thomsonreuters.com;))

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