Gas production increased 7.6% year-on-year in May and oil production increased by 4.2% over the same period, from “growth in unconventional Vaca Muerta production”. According to data released by the Ministry of Finance, gas production is the highest since July 2009 and oil production, accumulating 15 months of continuous growth. May served 13 months without crude oil imports, which has not happened since 2012, the Government said in a statement. The Ministry detailed that higher production was also reflected in the trade balance, which ran surplus during the first five months of the year.
Between 2006 and 2013, Argentina went from an energy trade surplus of $6.1 billion to a deficit of $6.9 billion; last year, red was $2.3 billion, “and this year is expected to be close to balance,” they said at the Hacienda Palace.In addition, the number of fractures performed in “shale” formations, which are an indicator of future production, went from 100 per month in 2015 to 544 per month in the first five months of 2019.With the latest announcements from Shell and Exxon, there are already seven areas in massive development in Vaca Muerta, “which implies more production and employment in operations and in the value chain” , underlined the Government.In this note:
