Argentina Oil Output Hits 11-year High, Driven by Shale

Production in Argentina’s huge Vaca Muerta Shale formation led the increase, with unconventional oil output rising 55% and making up 39% of the total, or 222,000 bbl/d.

Reuters

Argentina’s oil production rose to 571,000 bbl/d in February, up 14% year-on-year driven by shale oil output, marking the highest level since the end of 2011, the energy secretariat said on March 21.

Production in the South American country’s huge Vaca Muerta Shale formation led the increase, with unconventional oil output rising 55% and making up 39% of the total, or 222,000 bbl/d. Vaca Muerta is the world’s fourth largest shale oil reserve.

The country is looking to ramp up domestic production of oil and gas to trim increasingly expensive imports, a drive that has gained momentum due to rising global energy costs that are being pushed even higher by the war in Ukraine.

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