BUENOS AIRES, Aug 13 (Reuters) - Argentina said on Thursday

that a new study found its vast Vaca Muerta shale formation

contains 30.17 billion barrels of recoverable oil, almost double

the 16.22 billion barrels estimated in 2013 by the U.S. Energy

Information Administration.

The new estimate is a major boost for Argentina, which is

counting on Vaca Muerta - one of the world's largest shale

deposits - to raise oil exports, bring in badly needed foreign

currency and strengthen its position as an energy supplier.

* Officials said the higher figure does not mean new oil was

discovered underground, but that it reflects how much the

industry now knows about the formation after a decade of

drilling, as well as better technology that allows companies to

extract more oil from the same rock.

* According to the study, the area considered suitable for

drilling has grown by 22%, extending into parts of southern

Mendoza and Rio Negro provinces. The estimate also rose because

companies now identify more layers of rock as productive.

* At the same time, the share of oil that can realistically

be extracted with current technology increased by 54%, helped by

improvements in well design, drilling and hydraulic fracturing.

* The study was prepared by the Argentine Institute of Oil

and Gas (IAPG) at the request of the energy secretariat, with

input from major producers including YPF, Chevron ( CVX )

, Vista and Pan American Energy ( PAANF ), as

well as university and government specialists.

* Argentina's government has made Vaca Muerta central to its

long-term energy strategy, betting that expanded pipelines,

export terminals and liquefied natural gas projects will help

turn the shale field into a major source of export revenue.