YPF – an Argentine subsidiary of Spanish company Repsol – has found nearly 1bn barrels of oil equivalent (boe) in shale oil and gas in an offshore shale formation in Argentina.

The 927m boe find – about three-quarters oil and one-quarter gas – could be expanded as YPF has as yet only explored 428 km² of the 12,000 km² area it is working on.

The US Energy Information Administration (EIA) estimates that Argentina holds the world’s third-largest technically recoverable shale gas resources of 72,000bn m³ of gas.

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