Pan American Energy said Thursday that it will invest more than $1 billion in some Argentina’s largest oil and gas plays.
According to Reuters, the company will invest $1.4 billion for exploration and production in both conventional and unconventional plays in Argentina.
The investment plan calls for $900 million to be spent in the Golfo San Jorge where Pan American operates Cerro Dragon, the country’s largest oil field, the Wall Street Journal said.
The company also plans to invest $300 million in the shale gas play in Neuquén where the giant Vaca Muerta play is located, Reuters said.
The company has not disclosed further details about its plans.
Pan American saw its oil production climb to 108,000 barrels per day in 2015 while its gas production grew to 19 million cubic feet per day.
The company operates the Lindero Atravesado block and participates in three blocks operated by partners in Neuquén.
Two of the Neuquén blocks that Pan American holds stakes in, Aguada Pichana and San Roque, are the third and fourth largest gas production blocks in Argentina.
The company had proven reserves of 1.453 billion barrels of oil equivalent at the end of 2014.