Argentina is one of the most interesting unconventional oil and gas investment opportunities in Latin America, possibly just behind Mexico. While certain investors see significant opportunities in Argentina, most of the established private equity investors and independent exploration and production operators are waiting for this opportunity to mature further before spending any significant resources to pursue it.

Many investors do not realize that Argentina currently has the world’s second-largest shale gas and fourth-largest shale oil reserves, according to the U.S. Energy Information Administration. Argentina’s current shale production has more than tripled in first quarter 2014 from a year earlier. Currently, production is about 25,000 barrels of oil equivalent per day from 245 wells with 21 active drilling rigs having been deployed. This is a noteworthy achievement given that unconventional production on