South America has become a favorite continent for big oil companies, with Argentina's Vaca Muerta shale, Suriname's Block 58, and Guyana's offshore drilling attracting significant attention.
. While analysts describe Guyana as the world’s most exciting frontier oil play it is not the only South American country attracting interest from global energy companies. Argentina is undergoing a massive unconventional oil and gas boom which sees the crisis-riven country regularly reporting new production records. Then there is
in the Neuquén Basin as a silver bullet for Argentina’s vast economic and fiscal woes. In as little as two years Argentina’s oil output has grown by a stunning 25% to 627,730 barrels per day during April 2023 which was a mere 0.5% lower than the all-time production record reported of 631,103 barrels daily for March 2023. Natural gas production is also soaring. Argentina pumped 4.
Activity in Argentina’s oil patch, and the Vaca Muerta in particular, is ramping-up at a frantic pace. According to the Baker Hughes international rig count, there were 58 active rigs in Argentina at the end of April 2023 compared to 54 a year earlier and 33 for the same period in 2021. Investment in Argentina’s oil patch is rising at a solid clip. For 2023, state-controlled oil company YPF intends to invest $5 billion which represents a notable 22% increase compared to a year earlier.
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