BAKU, Azerbaijan, November 29. Argentina's Vaca Muerta shale play achieved a record oil production of 400,000 b/d in the third quarter of 2024, a 35% year-on-year increase, according to research made by Rystad Energy, an independent research and business intelligence company, based in Norway, Trend reports.
This growth, driven by improved operational efficiency and expanded infrastructure, positions the play to reach 1 mb/d by 2030.
State-owned Yacimientos Petrolíferos Fiscales (YPF) led the surge, contributing nearly 55% of Vaca Muerta's output and reporting revenues exceeding $5.3 billion, an 18% year-on-year rise. Independent producer Vista Energy also played a key role, with its Bajada del Palo Oeste field contributing significantly to the output growth. In total, independent producers now account for 35% of Vaca Muerta's oil production.
Infrastructure developments, such as the $2.5 billion Vaca Muerta Sur pipeline, are addressing transport bottlenecks and enhancing access to global markets. Alongside the expansion of the Nestor Kirchner gas pipeline, these projects are strengthening Argentina's domestic supply, export potential, and energy independence.
Natural gas production also rose 23% year-on-year in the third quarter, with independent producers such as Pluspetrol and Tecpetrol driving growth. Seasonal demand shifts led to a reduction in gas well activity, but the sector remains vital for reducing Argentina's reliance on imports, particularly from Bolivia, and for expanding future LNG exports.
Recent mergers and acquisitions are reshaping the operator landscape. Pluspetrol's acquisition of ExxonMobil's assets has quadrupled its holdings in Vaca Muerta, further solidifying its position in the basin.