COLUMN-Flirting with default, Argentina enjoys oil drilling boom: Kemp

lunes 21 de julio de 2014 11:07 GYT

(John Kemp is a Reuters market analyst. The views expressed are his own)

By John Kemp

LONDON, July 21 (Reuters) - Holders of Argentina's defaulted debt and their supporters have warned the country risks being frozen out from international capital markets unless it finds a way to solve its legal problems by the July 30 deadline.

But away from the bad-tempered litigation in U.S. courts, which has dominated the news about Argentina for months, the country is experiencing an oil drilling boom as international companies seek to cash on its huge shale resources.

In June, there was an average of 107 rigs drilling for oil or gas in the country, the highest number operating since records began in 1982, and more than double the number at the start of 2012, according to oil field services company Baker Hughes (Chart 1).

Most were hunting for oil rather than gas. Oil-based exploration accounts for most of the increase in activity since the start of 2012 (Chart 2).


Chart 1:   Continuación...