Oil and gas production in Argentina reached outstanding levels during the month of Marchwith Vaca Muerta playing a significant role in this growth.
According to a report by the consulting firm Economía & Energía, In that month, 690,000 barrels per day (bpd) of oil were produced, with Vaca Muerta contributing 52% of this figure.. Regarding gas, 134 million cubic meters per day (MMm3/d) were recorded, with 46% coming from shale.. These data indicate that production is at its highest point in the last two decades, since in March the figure of 1,000 million barrels of oil equivalent produced in Vaca Muerta gas and oil was reached since Repsol drilled the first well. shale gas in 2010.
The country experienced a surplus in its energy balance during the first quarter of the year, reaching 1.67 billion dollars. Vaca Muerta has resources that are equivalent to six times the energy consumption of Argentina over the next 20 yearsaccording to oil company estimates.
It is estimated that Argentina could reach a production of 1 million barrels per day and export between 22,000 and 30,000 million dollars annually thanks to Vaca Muertawhich could contribute to the macroeconomic stabilization of the country through the generation of foreign currency.
The Vaca Muerta resource has the potential to convert the country into a structural oil exporter, providing the world with reliable, affordable and low-carbon energy. The productivity of the wells in Vaca Muerta exceeds that of shale wells in the United States and its carbon intensity is in the first quartile globally.
In this context, The private sector demands predictability and clear rules on tax matters, as well as competitive investment conditions to take advantage of the potential of Vaca Muerta. An industrial policy is required that encourages the development of the local supplier chain and employment, without increasing significant costs on hydrocarbon production.
The province of Neuquén, key for the oil industry, stands out for its ability to obtain its own resources and its low dependence on co-participation. However, Greater infrastructure is required to meet the growing demand generated by the development of Vaca Muertawith an average of 25 new families settling in the province every day.
