Argentina’s energy sector has slowed to a crawl as companies wait on a plan by then new government - especially for the prized Vaca Muerta shale play.pic.twitter.com/azc1tuwWhN
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Argentina's energy bust spawns 'ghost town' in prized Vaca Muerta
My latest for @Reuters with @marinalammertyn. This thread will hit the highlights. Please check out this link for the full story: https://reut.rs/2SIofpc
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Many energy executives were worried about how new Peronist President Fernandez would change Argentina's energy policy - he had sent some mixed signals about multinationals and the importance of Vaca Muerta.pic.twitter.com/o1K3GHGzfA
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Last month, Fernandez invited energy executives from oil majors like
@Shell@Chevron@exxonmobil to a meeting. He apologized for those mixed signals, according to a source. He also said he plans to send a bill this month to help revive stalled activity at Vaca Muerta.pic.twitter.com/IPNLfZpHdx
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But Fernandez didn't offer any details of the plan, sources said. In fact, he asked the executives for their ideas on how to boost activity, a clear sign the new government still had not determined a path for Vaca Muerta. And still no sign of a bill today.
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We traveled to Vaca Muerta in Neuquen province to see how this slowdown has impacted the sector - and the nearby community. This is Añelo, a once-booming town considered the capital of Vaca Muerta. Today, construction projects sit dormant and many empty storefronts can be seen.pic.twitter.com/3XvwNPlaz5
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Entire neighborhoods of half-built homes with zero signs of life give off an eerie 'ghost town' feel. Officials said many projects ran out of funds when the economy took a dive after Fernandez's primary election victory - and things are not picking up.pic.twitter.com/eIUBIv38LC
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When 47-year-old truck driver Alberto Valenzuela came to Añelo seeking opportunity and a better life, he started building his dream: a four-bedroom home with plenty of space for his wife and two children.pic.twitter.com/pspU6u6nTI
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Now, with little opportunity in the town, they are moving on. His unfinished dream home has a sign that reads "Will sell or seeking investor." “I came to try my luck,” Valenzuela told Reuters. But now, “we cannot provide for ourselves with what little there is in this town.”pic.twitter.com/YBKmLJGoeW
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From energy executives to property developers, many sources spoke of canceled investments or diverted projects. One source said he had "zero hope" the government would establish a framework that would address issues like a fuel price freeze or currency controls.pic.twitter.com/OPuoDcVAI8
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For now, much like the energy executives, people in Añelo wait. More arrive every day seeking work that is no longer available. Many signs like the one below can be seen in front of dormant projects. It reads: "Here grows a dream."pic.twitter.com/vu4WQSjZ6B
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Read the full story here: https://reut.rs/2SIofpc
@reuterspictures by@marianagreifpic.twitter.com/YoHMt8jZ2M
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