In Argentina, oil production was the highest in 9 years

RIO DE JANEIRO, BRAZIL – Energy Minister Darío Martínez said, “We are delighted, the tireless work of the Secretariat together with all the actors of the sector is producing good results. We are moving in the right direction, and we can promote a key sector for the reconstruction of a federal Argentina.”

Total oil production was 2.6% higher than in October and 15% higher than in the same month last year. The most significant contribution came from the “Dead Cow”: 204 million barrels per day of unconventional oil were produced in November, 4% more than in October and almost 64% more than in the same month last year.

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Darío Mártinez pointed out that “on behalf of President Alberto Fernández and Vice President Cristina Fernández de Kirchner, we have brought clear rules and predictability to the sector, which translates into more production, more jobs, more foreign exchange for the country’s exports, more SMEs, industry and national technology.”

“We are delighted because the increase in production allows us to start a virtuous cycle that is very good for the federal country that we want because at the same time we save foreign exchange, and the producing provinces get more royalties that they can use for education, health, security or whatever they consider a priority,” concluded the Energy Minister.

Activity is increasing and has already surpassed pre-pandemic figures. In November, total oil production exceeded February 2020 levels by nearly 6%, while unconventional oil production exceeded those levels by 62%.

In the gas sector, activity continues at a good pace, mainly due to unconventional production, which increases and already accounts for 52% of the total output.

In November, a total of 128 million cubic meters per day were produced, slightly more than in October, when production reached 127 million. In addition, total gas production at the national level increased by more than 10% year-on-year, while growth in the non-conventional sector was 40.9%.

Based on these data, National Energy Minister Darío Martínez said, “When we took office, we presented the Gas.Ar Plan to create clear rules and predictability. Today, we have managed to get a sector on its feet that is increasing its production, and this is good for all Argentines because new jobs are being created. More SMEs are opening their doors, boosting industry and national development.”

Unconventional gas production remains high, with a total of 66.3 million cubic meters of unconventional Gas produced in November, 18% more than in February 2020 before the start of the pandemic.

“While there is a shortage of Gas worldwide, causing major countries to increase prices for services, we are increasing production in Argentina. And this increase is possible thanks to the concrete policies and wise decisions of President Alberto Fernández and Vice President Cristina Fernández de Kirchner,” concluded Darío Martínez.