Argentina's oil output reached its zenith in 20 years with 584,000 barrels per day (bpd) delivered in May of 2022, thanks mostly to unconventional developments, it was reported Tuesday.
Due to Vaca Muerta's boost, oil and gas production grew interannually by 14% and 12% respectively, the National Energy Secretariat announced.
With these figures, production reached levels unseen since November of 2011. Non-conventional oil production, most of which stems from Vaca Muerta but also from other developments, reached 241,000 barrels per day on average and set a new record, with these volumes accounting for 41% of the barrels extracted nationwide for a total 57% yoy growth.
Gas production reached 136 million cubic meters (m3) per day during May, marking an increase of 12% compared to May last year, thus reducing the need for imports. Non-conventional production was also significant on this front. Between shale gas from Vaca Muerta and tight gas from several provinces, unconventional gas reached a new record of 76 million m3 for an interannual growth of 56%, which meant that 39% of the country's gas in May stemmed from this type of development.
We are very happy because these numbers are very good for our economy because they mean more Argentine gas and oil, produced by Argentine workers, with national SMEs that provide technology and added value, said National Energy Secretary Darío Martínez. With clear rules and predictability, we have boosted a strategic sector for our energy development in a global context where energy is central. We have an activity in permanent growth, thanks to the strong impulse we gave to Vaca Muerta, he added.
He also pointed out that the start-up of the new Néstor Kirchner gas pipeline will allow us to further increase gas production, increase exports, replace imports with Argentine gas and generate thousands of jobs.
The official also underlined that the Gas.Ar Plan allows us to continue building and strengthening a more federal country because the increase in the activity allows provinces to receive more royalties which are in turn allocated to education, health, security or whatever they consider a priority.”