Argentina's Neuquen province hit a record for daily oil production in February, aided by increased activity in the Vaca Muerta shale formation, the local government said on March 22.
Crude oil production reached 381,570 bbl/d in February, up 17.6% from the year earlier and 1.8% compared to the previous month.
In the first two months of the year, production increased by 20.3% from the same period of 2023.
Vaca Muerta holds the world's second-largest shale gas reserve and fourth-largest shale oil reserve.
RELATED: Permian 2.0? The Case for Argentina’s Vaca Muerta
Gas output rose 8.6% year on year in February to 89.4 million cubic meters of gas per day.
"It should be noted that unconventional oil extraction represented 93% of Neuquen's total production in February, while 86% of gas production was from the same origin," authorities said in a statement.
Argentina is seeking to attract millionaire investments to reverse the deficit in its energy trade balance and become a global supplier of hydrocarbons through projects currently under discussion to export LNG.
Recommended Reading
Keeping it Simple: Antero Stays on Profitable Course in 1Q
2024-04-26 - Bucking trend, Antero Resources posted a slight increase in natural gas production as other companies curtailed production.
NOV Announces $1B Repurchase Program, Ups Dividend
2024-04-26 - NOV expects to increase its quarterly cash dividend on its common stock by 50% to $0.075 per share from $0.05 per share.
Initiative Equity Partners Acquires Equity in Renewable Firm ArtIn Energy
2024-04-26 - Initiative Equity Partners is taking steps to accelerate deployment of renewable energy globally, including in North America.
Repsol to Drop Marcellus Rig in June
2024-04-26 - Spain’s Repsol plans to drop its Marcellus Shale rig in June and reduce capex in the play due to the current U.S. gas price environment, CEO Josu Jon Imaz told analysts during a quarterly webcast.
Ithaca Deal ‘Ticks All the Boxes,’ Eni’s CFO Says
2024-04-26 - Eni’s deal to acquire Ithaca Energy marks a “strategic move to significantly strengthen its presence” on the U.K. Continental Shelf and “ticks all of the boxes” for the Italian energy company.