Argentina's Oil & Gas Production Highest in Over a Decade

Written by Amir Richani for Industrial Info Resources (Sugar Land, Texas)--Argentina produced 717,000 barrels per day (BBL/d) of crude oil in 2024, averaging 11% more than in 2023 and marking the highest pace since 2003. Similarly, production of natural gas was the strongest going back to 2006, with about 139 million cubic meters per day (MMm3/d).

The growing amounts are the results of higher production from Vaca Muerta, one of the world's largest shale reservoirs. Its volumes have significantly increased since 2014, when shale oil production accounted for only 2.9% of Argentina's volumes, compared to 54.9% in 2024.

Natural gas production from shale reservoirs has increased from 1.1% of the total volumes in 2014 to 50.1% last year.

As a result of the stronger output, Argentina achieved the highest energy trade surplus in 18 years, reaching US$5.7 billion in 2024. Overall, energy exports increased year over year by 22.3% to reach US$9.67 billion last year. This includes exports valued at US$2.84 billion destined for Chile, which received the largest amount of exports in 2024, representing a yearly increase of 74.1%.

Meanwhile, fuel imports stood at US$4 billion, 49.4% less than in 2023 and generating a positive trade surplus in 2024.

Vaca Muerta's success has yet to reach its peak, with energy companies investing billions to develop not only the reservoir's production capacity but also expand its pipeline connections and build new export terminals.

Among the key midstream infrastructure added or to be constructed is the construction of Perito Francisco Pascasio Moreno gas pipeline (formerly known as the President Nestor Kirchner gas pipeline) and the construction of the Argentina LNG terminal, a major project led by YPF to export Vaca Muerta's natural gas production. Subscribers to Industrial Info's Global Market Intelligence (GMI) Oil & Gas Production and Pipelines project databases can click here for the Perito Francisco Pascasio Moreno gas pipeline project reports and here for the Argentina LNG terminal project reports.

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