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ECONOMY | 06-07-2019 09:15

Gas, petrol production at Vaca Muerta reaches new high

Oil and natural gas production hit a record high in May, the government revealed this week, thanks to a rise in “non-conventional” output at Argentina’s Vaca Muerta shale formation.

Gas production was up 7.6 percent in May year-on-year, while oil production rose 4.2 percent, the Finance Ministry said in a statement.

“In May Argentina completed 13 straight months without needing to import crude oil, something that had not happened since 2012,” the government said in a press release.

Gas production is now at its highest level since July 2019, officials added.

Following on from recent announcements by Shell and Exxon, there are now seven areas under development in Vaca Muerta, “which implies more production [to come] and employment in the operations and the value chain,” the press release said.

According to estimates from the Neuquén provincial government cited by Noticias Argentinas, an estimated 1,500 wells will be operational by the end of the year, with additional licenses for another 900 installations approved and under development.

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