In 2018, oil production in Argentina reached nearly 500,000 barrels per day (bbl/d), up 2% from 2017 and halting a multiyear decline. Approximately 15% of the 2018 production was from unconventional sources.

So far, except for a couple of wells drilled in the San Jorge Basin in the D-129 shale formation, the majority of shale exploration and development has centered on the Neuquén Basin, specifically in the Vaca Muerta shale formation. Recent announcements from YPF, Petronas and Shell indicate moves toward full-scale development. Additional announcements from Chevron Corp. and YPF on investments totaling $800 million to drill 20 wells in the Vaca Muerta in 2019 further support the play’s prospects for growth.

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