Original for subscribers only at Monocle.
Argentina is hoping to imitate North America’s success in turning useless shale rocks into mammoth oil and gas resources using technology called fracking. Argentina has watched hopelessly for years as oil and gas consumption outpaced production. Now shale beds in Neuquén province could make Argentina an exporter once more. It may have 22 trillion cubic metres of shale gas, enough to supply the region for more than a century. But this year President Cristina Fernández de Kirchner eliminated an incentive programme for new oil production. The country’s environmentalists and indigenous activists are also likely to put up a fight.