In October 2020, Vaca Muerta’s production surpassed the 300,000 barrels per day mark, a mark which, at an all-time high, equates to the highest production volume in 23 years (Reuters).

In October 2020, production at Vaca Muerta surpassed the 300,000 barrels per day milestone, a mark which, at an all-time high, equates to the highest production volume in 23 years, as well as annual growth of over by 32%.

Between September and October, various zones contributed to boosting activity in the sector for a total of 13,375 barrels per day. With this dynamic, this reservoir of energy has generated the tidy sum of 10,000 million dollars of energy in 2022, 8,000 million dollars for the domestic market and 2,000 million dollars for oil and gas exploitation.

Similarly, with regard to oil, it is expected that within two years the evacuation capacity will be 750,000 barrels per day, of which 250,000 can be used for export.

The positive can be seen with the naked eye, but it is also essential to focus on what Vaca Muerta still cannot achieve. For example, if we analyze the annual balance between energy production and consumption, a fundamental and unfortunately negative piece of information is that in 2022, the country was forced to import fuels and energy for almost 13,000 million dollars.

In oil, it is expected that within two years the evacuation capacity will be 750,000 barrels per day, of which 250,000 can be used for export

This is 120 more, unlike 2021 and triple compared to 2019. In other words, Argentina has not been able to meet its energy consumption demands and has continued to depend on imports.

It is true that these values ​​are linked to exceptional events on the world scene, such as the invasion of Ukraine by Russia and the consequent increase in the price of imported fuels. But part of public policy is to manage not to depend entirely on the outside. It is necessary to consider this world in which not all demand is covered again and to act accordingly.

The Buenos Aires Basin Exploration Plan, work that includes the construction of platforms beyond the Mar del Plata coast, will take place near the country's most energy-consuming centers (Europa Press)
The Buenos Aires Basin Exploration Plan, works that include the construction of platforms beyond the Mar del Plata coast, will take place near the country’s most energy-consuming centers (Europa Press)

Whether or not there are external irruptions that considerably complicate the commercial flow in energy matters, Argentina will not be able to respond only with Vaca Muerta, as was observed in 2022.

At this point, value comes into play. off the coastan activity that has extensive experience in Argentina, as well as an indisputable history in security since its origins, in the 70s.

The Buenos Aires basin exploration plan, that is, the works that envisage the construction of platforms beyond the coast of Mar del Plata, will take place in a point totally foreign to the tourist panorama but close to the centers of greatest energy consumption in the country, above all, in relation to the initiative under development in Neuquén.

In addition, it is urgent to highlight the advantages that derive from the proximity of the future facilities to the main national ports, from where the surplus production of the two megaprojects will be able to leave for more distant destinations, beyond the volumes that the des gas pipelines allow transport to various provinces, or neighboring countries such as Brazil.

The importance of offshore transcends the complementarity that we propose here with Vaca Muerta

The importance of offshore transcends the complementarity that we propose here with Vaca Muerta. This type of marine exploration alone represents a concrete potential for the extraction of 200,000 barrels of oil per day.35% of Argentina’s current production, translatable into 6,000 million USD per year.

To illustrate, in this projection, each day of offshore activity would generate production similar to what YPF achieves for an entire year, from both conventional and unconventional sources. Better still, since the recent discovery of such mega-oil deposits in southern Africa, the chances of discovering a site with equal potential in the Argentine Sea have greatly increased.

It is a discovery that, in just a decade, would equal the current production of Brazil, a country that registers 2,000,000 barrels per day. The improvements would come with revenues of $70,000 million a year, double the exports that Argentina currently achieves, and a definitive solution to the lack of foreign exchange, perhaps the main setback in the favorable repositioning of the country. .

Column shared with Mario LaviaDeputy Secretary of the Argentine Federation of Petroleum, Gas and Biofuels Unions

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