Oil was down on Monday morning in Asia, slumping over the discovery of a new Covid-19 strain in the UK which could stall a nascent recovery in fuel demand and the…
READ MOREArgentina's Energy Industry
in figures
Oil reserves2.5 billion barrels
Oil production627,000 bopd
Gas reserves400 bcm
Gas production38.6 bcm
Argentina: Vast Unconventional Potential
Argentina’s energy industry remains a key sector for the country’s economic stability. The nation has the fourth-largest shale reserves in South America, which include the world’s second-largest shale gas formation, Vaca Muerta, located in Neuquén and Mendoza provinces. Natural gas production comprises up around 60% of the country’s supply of hydrocarbons. The hydrocarbons industry is overseen by the Ministry of Productive Development of Argentina, which updates policies and mandates on industrial matters.
The market is driven by majority-state-owned integrated energy company YPF, which has been involved in E&P operations since 1922. The NOC is the country’s largest oil and gas producer and owns more than half of Argentina’s refineries. International companies such as Chevron, Dow Argentina, Enap Eipetrol and Statoil have joined in the country’s upstream operations.
Argentina has traditionally had a surplus production of oil and gas, with exports bound mainly to its neighbour Chile although it remains a new importer of hydrocarbons. The nation is actively seeking investment to unlock its gas potential as demand rises while facing challenges related to high production costs and conflicts with labour unions. The country issued several revamps of policy to incentivise FDI under its Plan Gas initiative, with the aim of upping gas production as it transitions to lowering carbon dioxide emissions and adding renewables to its energy mix. Its total energy mix is dominated by oil and gas with bioenergy, nuclear and hydropower contributing less than 20% of its total primary energy use according to the IEA.
Mining player Rio Tinto is planning an investment of USD 350 million at the Rincon lithium project in Argentina.
READ MOREUS major Chevron has partnered with Challenger Energy Group to develop promising acreage offshore Uruguay, Challenger announced…
READ MOREIndian state-owned mining entity Khanij Bidesh India has signed a USD 24-million lithium exploration pact for five licences in Argentina, Reuters reported on…
READ MOREAbdulmuin Alyousef, CEO of Completion Energy, talks to The Energy Year about the company’s strategy to export technologies developed locally and its success in…
READ MOREIndia has opened the first tranche of its new minerals auction with 20 concessions on offer, the government announced on Wednesday.
The 20 blocks cover eight…
READ MOREChevron has planned spending of more than USD 500 million to develop the Trapial block on Argentina’s Vaca Muerte basin, Argentina’s Ministry of Economy announced…
READ MOREIan Cloke, executive vice-president of Tullow Oil, talks to The Energy Year about the company’s African asset sales, how Covid-19 has impacted operations and the…
READ MOREArgentina’s government has successfully granted 18 of 38 blocks offered in the country’s first ever offshore bid round, international media report on Tuesday.…
READ MOREMarcelo Álvarez, president of the Argentine Chamber of Renewable Energies (CADER), talks to TOGY about the development of the renewable energy sector in Argentina and…
READ MOREHector Martínez, CEO of Willis Towers Watson, talks to TOGY about the changing dynamics of the international and local insurance sectors, the challenges that investors…
READ MOREThousands of citizens went out in protest of austerity measures including the slashing of gas and power subsidies in Argentina on Thursday, international media…
READ MORERetamco’s subsidiary Retama Argentina has left the Parva Negra Oeste block in Vaca Muerta, international media reported on Thursday.
“Retama pulled out,” Alberto…
READ MOREArgentina’s energy secretary has quit, international media reported on Friday.
While no reason was provided for the resignation of Javier Iguacel, the news came…
READ MOREShell is to start a big oil project in Vaca Muerta in 2019, international media reported Thursday, while a giant FLNG vessel set out for Argentina in order to tap gas…
READ MOREPresident Energy has encountered oil in the Puesto Flores concession in Argentina, the company announced on Tuesday.
Well PF0 1005, drilled to 2,360 metres,…
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