Neuquén Sets Oil Production Record, Boosting Argentina’s Global Stance
In February, Neuquén, an Argentine province, hit a daily oil production record, officials announced, spotlighting the Vaca Muerta formation’s role.
Oil output soared to 381,570 barrels per day, a 17.6% increase from the previous February and up 1.8% from January. The early year saw a 20.3% production boost.
Vaca Muerta, spanning an area as large as Belgium, hosts the world’s second-largest unconventional gas and fourth-largest oil reserves.
February’s gas production in Neuquén reached 89.4 million cubic meters daily, up 8.6% year-over-year and 9.1% from January.
Remarkably, unconventional oil extraction made up 93% of February’s total oil output, and unconventional sources contributed 86% to gas production.
Argentina prioritizes attracting investment to exploit Vaca Muerta, aiming to tackle energy trade deficit and become a global hydrocarbon supplier, including launching LNG exports.
In addition, Neuquén’s record production underscores its critical role in Argentina’s energy sector and its contribution to Argentina’s prominence on the global oil map.
This growth, particularly driven by unconventional oil extraction, highlights shale resources’ potential to enhance Argentina’s oil industry.
With plans for LNG exportation, Argentina’s efforts in Neuquén signify its growing importance in the global oil and gas sector.
Argentina’s strategic initiatives, particularly in Neuquén, signal a promising future in global energy supply, emphasizing unconventional sources.
More: Argentina news in English, every day from The Rio Times.
This article was produced by The Rio Times’ automated newsroom system. How we use AI · Report an error
Read More from The Rio Times