Wednesday , December 2 2020

Oil and gas production is growing



Again, the unconventional Vaca Muerta pushes national levels of oil and gas production. In October there was an increase over September, as well as the same month in 2017.

At the international level, there is a moment of uncertainty about crude oil prices. For the first time in more than a year, the price barrel in Argentina, Brent, fell below the $ 60 mark.

However, the results of the Neuen swimming pool are still celebrated in the country.

According to data recently released by the National Energy Secretariat, total crude oil production declined by 0.1% compared to September, but increased by 2% annually to 498,000 barrels per day. Total extraction of shale and dense oils (unconventional) increased by 15% compared to October 2017.

The main responsibility for the new production ceilings was the production of shale oil, which rose by 70% yoy and 3% compared to September. In particular, the contribution with this technique was 66,000 barrels of oil per day. It should be noted that conventional crude oil production still accounts for 85% of the total matrix.

With regard to gas, the October yield was 132 million cubic meters per day, which represents a growth of 7% on an annual basis, where production was 124 MMm³ per day and an increase of 1.2% compared to September. 2018.

Shale gas and solid gas showed an 38% increase in October on an annual basis. Again shale gas is the main reason for the increase in yield and is that in the tenth month of 2018 it reached 25 MMm³ / d, which meant a tangible increase of 243% compared to October 2017 and 11% compared to September.

With these values, unconventional gas production accounts for 38% of the total extraction of the country. Conventional continues to lead by 62%.

The increases recorded are mainly due to the unconventional development of shale oil and shale gas in the Neyuni basin.

Unexpected


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