Record shale output lifts Argentina monthly oil production to highest since 2011

Argentina’s crude oil production climbed to its highest monthly level in over a decade in January, including record output from the country’s prolific shale fields, the energy ministry said on Monday.

Oil production hit 570,000 barrels per day (bpd) for the month, a 15% spike from the same month last year and the highest volume pumped since late 2011.

The Latin American country is a mid-sized producer in the region, behind Brazil, Mexico and Colombia, but steadily growing thanks mostly to its massive Vaca Muerta shale deposit, in Argentina’s western Neuquen province.

Shale oil production in January totaled 224,000 bpd, a 61% jump from the previous year, and accounting for nearly 40% of the total produced.

Vaca Muerta is the world’s fourth-largest shale oil reserve and the second-largest in gas.

Argentina’s shale gas production also reported significant year-on-year growth in January, up 42% to reach 69 million cubic meters per day.

Source: Hellenic Shipping News

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