MercoPress. South Atlantic News Agency

Argentina's oil and gas output rise in February

The Neuquina Basin topped output in both items

According to a report released in Buenos Aires Monday, the country's interannual production of crude oil went up 13.2% in February of 2022 and that of gas rose 11.1%

The new figures regarding oil were driven by a 55% increase at Vaca Muerta, while natural gas was boosted by a 38.2% growth in non-conventional production, the Argentine Energy Institute (IAE) reported.

In February 2022, oil production was down 0.2% from the previous month and up 13.2% year-on-year. The new results were heavily influenced by the Neuquina Basin which increased yoy production by 29.1%. The Neuquina Basin accounts for 54% of the country's production of crude oil.

Meanwhile, the Golfo San Jorge Basin (the second-largest nationwide) showed an interannual slight slump. The Neuquina Basin was the only one to grow annually with a rate of 23.8%.

Conventional oil production, which accounts for 65.7% of the total output, grew 4.4% over the previous month and decreased 3.6% year-on-year, while unconventional oil production, which represents 34.1%, fell 0.4% in February over the previous month but grew 55.4% interannually.

Natural gas production fell 2% month-on-month in February and was 11.1% percent higher year-on-year, with the Neuquina, Cuyana, and Golfo de San Jorge basins showing a year-on-year increase of 22.9%, 6%, and 1.3% year-on-year respectively; while in the Austral and Noroeste basins production decreased 8.5% and 9.9% year-on-year.

Conventional natural gas production, which represents 50.7% of all gas delivered, grew 1.9% in February compared to the previous month and decreased 8.2% year on year.

Unconventional natural gas production, which accounts for 49.3% of production, decreased 3.8% month-on-month against the previous month, while it was 38.2% higher year-on-year when compared to the same month of 2021.

The Neuquina Basin, with 64% of the national production, where most of the unconventional developments are located, explains the annual and year-on-year increase. Together with the Cuyana basin, they are the only ones to have increased production.