By Eliana Raszewski
BUENOS AIRES, June 7 (Reuters) - Argentina's Neuquenprovince, site of Vaca Muerta shale play, will grant six newexploration concessions before the end of the year, a localgovernment adviser told Reuters, bringing the country closer tobecoming a world oil exporting power.
With investments in Vaca Muerta expected to total $27.3billion over the next four years, Neuquen could double thecountry's oil production, generating close to $12 billion inexports per year, Jorge Sapag, a former Neuquen governor who isadvising the current government said in an interview withReuters in Buenos Aires.
"There are 8,222 square kilometers of concessions for 35years, which represents 27 percent of Vaca Muerta. There are 34concessions right now, and by the end of the year, another sixwill be approved", said Sapag, who led the province for twoconsecutive terms from 2007 to 2015.
Vaca Muerta, about the size of Belgium, could house one ofthe biggest reserves of shale gas and oil in the world. It is akey component in President Mauricio Macri's plan to end theimportation of energy in Argentina and instead convert thecountry to a net exporter.
The energy independence effort would boost the flow offoreign currency into the country as Macri's administrationseeks to rein in inflation and dig the country out of arecession.
Vaca Muerta has 10 concessions that have moved on to fulldevelopment, including three areas Shell announced atthe end of 2018 it would ramp up to full-scale development.
"If the investment commitment of the 34 massive developmentconcessions is met for the next 20 years, that's $170 billion,"added Sapag.
Neuquen, which produces 135,000 barrels of oil per day outof the country's overall 500,000 barrel daily output, couldboost its own output to 500,000 barrels per day by the 2022-2023period, depending on the investments committed and how manywells are approved.
According to the Rosario Exchange (BCR), which tradesstocks and grains, the country's oil and gas exports could rivalagriculture exports, potentially reaching $25.4 billion by 2030.
Macri will seek re-election in October, running against apolitical pairing of moderate Peronist Alberto Fernandez andfirebrand ex-president Cristina Fernandez.Macri is hoping to attract foreign investment, especially inthe energy sector, after foreign companies were scared off byCristina Fernandez's interventionist policies, such aseliminating currency controls.
(Reporting by Eliana Raszewski; Cassandra Garrison)