Argentina’s Crude Oil and Natural Gas Production Nears Record High

SEATTLE (Oil Monster): The crude oil and natural gas production in Argentina are nearing record highs, said a latest report published by the U.S. Energy Information Administration (EIA), citing data from the Secretaría de Energía de la República Argentina (SESCO. The surge in output from the Vaca Muerta shale formation has helped offset falling output from conventional oil and natural gas fields in the country.

The country’s crude oil production averaged 738,000 barrels per day (b/d) in September this year, significantly higher by 15% from the same month a year before. The oil production from the Vaca Muerta formation accounted for 58% of the country’s total output during the month. Also, the average natural gas production averaged at 5.0 billion cubic feet per day (Bcf/d) over the initial nine-month period in 2024.

Between January 2021 and September 2024, the crude oil production in Argentina has increased significantly by 50%. Also, natural gas production rose 27% during this period, data said.

The natural gas exports via pipeline from Argentina to neighboring countries such as Chile and Uruguay recorded notable increase in Jan-Sep ’24. On the other hand, the natural gas imports by the country via pipeline registered tremendous decline by 47% in the first nine months of the current year.