Argentina's Neuquen Hits Oil Export Record with Vaca Muerta Boost
(Reuters) — The Argentine province of Neuquen exported a record 2.77 million barrels of oil in June, the local government said on Thursday, largely on the back of higher production at the Vaca Muerta formation.
Argentina is betting on Vaca Muerta — the world's second-largest shale gas reserve and fourth-largest shale oil reserve — to turn the country into an energy powerhouse and to stop relying on imports at a time when foreign currency reserves are running low.
Oil exports raked in $184.8 million for the province in June at an average price of $67 a barrel, the government said in a statement. Of total production, 29% was exported.
"We are very happy that the province continues to provide solutions to the country," Governor Omar Gutierrez said in the statement, "bringing in foreign currency and decreasing energy imports."
Neuquen also exported 108.48 million cubic meters of natural gas in June, bringing in an additional $31.5 million.
The Vaca Muerta formation is expected to move even more natural gas in coming months, after a pipeline running from Neuquen to Buenos Aires came online in early July.
Vista Energy led June's oil exports with 491,000 barrels, followed by Petronas with 470,000. For gas, Tecpetrol and Pampa Energia led the pack.
The June figures brought first half oil and gas exports to $1.32 billion.
Related News
Related News
- Trump Aims to Revive 1,200-Mile Keystone XL Pipeline Despite Major Challenges
- Valero Considers All Options, Including Sale, for California Refineries Amid Regulatory Pressure
- ConocoPhillips Eyes Sale of $1 Billion Permian Assets Amid Marathon Acquisition
- ONEOK Agrees to Sell Interstate Gas Pipelines to DT Midstream for $1.2 Billion
- Energy Transfer Reaches FID on $2.7 Billion, 2.2 Bcf/d Permian Pipeline
- U.S. LNG Export Growth Faces Uncertainty as Trump’s Tariff Proposal Looms, Analysts Say
- Tullow Oil on Track to Deliver $600 Million Free Cash Flow Over Next 2 Years
- Energy Transfer Reaches FID on $2.7 Billion, 2.2 Bcf/d Permian Pipeline
- GOP Lawmakers Slam New York for Blocking $500 Million Pipeline Project
- Texas Oil Company Challenges $250 Million Insurance Collateral Demand for Pipeline, Offshore Operations
Comments