Summary
Argentina's Vaca Muerta shale holds massive oil and gas potential but remains under-developed because of the country's persistent political and economic instability. For markets, the formation is a long-term opportunity that will remain unrealized until Argentina's above-ground risks are resolved.
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•Vaca Muerta is one of the world's largest shale oil and gas formations, estimated to hold enormous below-ground resources.
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•The formation's development has been stymied by Argentina's persistent above-ground chaos, including political and economic instability.
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•The article is part of a series returning to South America after a deep dive on Guyana in May 2026.