The government is investigating the reasons of Sunday’s blackout in Argentina. There were at least four failures two in the transmission network and two electric centrals reacted late to the emergency. Keeping the electric network in Argentina cost $9.5 billion a year.
Brazil’s Nu Pagamentos SA, a six-year-old fintech firm that grew to become the nation’s fifth-biggest credit-card issuer, has chosen the next target in its Latin American expansion: Argentina. The firm known as Nubank and backed by Goldman Sachs Group Inc. and Tencent Holdings Ltd. will open an office in the South American nation, co-founder Cristina Junqueira said in an interview. Rafael Soto, former chief executive officer at Argentina’s mobile payments app Uala, will head the new venture. Nubank plans to have 300 employees in Argentina by the end of 2020, Junqueira said. The fintech firm has 9 million customers, and recently sold private shares at a $3.6 billion valuation.
ExxonMobil will begin to develop the block Bajo del Choique-La Invernada in the gas reserve of Vaca Muerta in Argentina. The company plan to drill 90 wells, build a central production installation and develop infrastructure for gas exportation. The company expects to produce 55,000 barrels per day in five years, with an investment of $2 billion.