Country intelligence report: Argentina
Argentina is attempting to usurp the U.S. as the world’s largest producer of shale gas. The U.S. Energy Information Administration (EIA) estimates that the country could have more shale-oil deposits than the U.S., with 27 billion barrels of oil and 24 tcm of natural gas in situ that is technically recoverable. The Argentine government wants to embrace a major shale boom to save the country from its inflation and economic problems. However, the low price of oil may delay unconventional production and furthermore, outside the U.S. and Canada, shale hydrocarbon extraction is in its infancy.
Argentina is attempting to usurp the U.S. as the world’s largest producer of shale gas. The U.S. Energy Information Administration (EIA) estimates that the country could have more shale-oil deposits than the U.S., with 27 billion barrels of oil and 24 tcm of natural gas in situ that is technically recoverable. The Argentine government wants to embrace a major shale boom to save the country from its inflation and economic problems. However, the low price of oil may delay unconventional production and—outside the U.S. and Canada—shale hydrocarbon extraction is in its infancy.
Basic Facts:
Capital: Buenos Aires
Population: 43,024,374 (CIA World Factbook)
Quick Figures: All figures provided by the EIA
Hydrocarbons: All figures provided by the BP Statistical Review (excludes shale)
Oil reserves at end of 2013: 2.4 billion barrels of oil
Oil production in 2013: 656,000 bopd
Natural gas reserves at end of 2013: 0.3 tcm
Natural gas production in 2013: 35.5 bcm
Major companies working in the country:
- Yacimientos Petrolíferos Fiscales (YPF)
- INTECH Engineering S.A.
- Shell Argentina
- Petrobras Argentina
- Petronas
- Chevron
- Sinopec
- ExxonMobil
Some major gasfields and developments:
The Vaca Muerta formation was made in 2010. The total proven reserves are around 927 million barrels of oil equivalent. The EIA estimates total recoverable hydrocarbons from the Vaca Muerta to be 16.2 billion barrels of oil and 9.24 tcm of natural gas.
Offshore projects near Terra Del Fuego: Paris-based Total in partnership with Wintershall and Pan American Energy, will drill as deep as 5.5 km in the Vega Pleyade field.
– Edited by Oil & Gas Engineering. See more country intelligence reports below.
Original content can be found at Oil and Gas Engineering.
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