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
E&P Highlights: Feb. 26, 2024
2024-02-26 - Here’s a roundup of the latest E&P headlines, including interest in some projects changing hands and new contract awards.
CNOOC’s Suizhong 36-1/Luda 5-2 Starts Production Offshore China
2024-02-05 - CNOOC plans 118 development wells in the shallow water project in the Bohai Sea — the largest secondary development and adjustment project offshore China.