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The two leaders also signed a joint declaration One of the most important aspects of this
saying they were “advancing in the consoli- agenda, they said, is ensuring that gas supplies
dation of the bilateral energy agenda, which to industrial consumers do not have to be cut
entails, among other points, guaranteeing the in order to guarantee steady deliveries of fuel to
supply of gas in significant volumes for the cur- residential consumers living in northern Argen-
rent administration.” tina. ™

ARGENTINA
IAE report: Argentina’s oil and gas output

up substantially year on year in February

ARGENTINA saw production of both crude oil hydrocarbon basin, experienced a slight y/y
and natural gas rise substantially in the month decline in output.
of February, according to a report published on (Neuquen is Argentina’s largest hydrocarbon
April 11 by the Argentine Institute of Energy basin, accounting for 54% of the country’s total
(IAE). In the report, IAE stated that the country’s crude oil production.)
oil output had gone up by 13.2% year on year in The country also reported y/y shifts in the
February, while gas output went up by 11.1% y/y. conventional sector, which accounts for 65.7%
The institute did not provide specific figures of total oil yields and 50.7% of total gas yields,
on hydrocarbon yields, but it did provide expla- and in the unconventional sector, which makes
nations for the increase. Oil production levels up 34.3% of total oil production and 49.3% of
went up largely as a consequence of a 55% y/y total gas production, IAE added. It said that con-
upswing in output at fields in the Vaca Muerta ventional fields had produced 3.6% less oil and
shale formation, while gas production was 8.2% less gas in February compared to the same
driven upwards by a 38.2% rise in production at month of 2021, while unconventional fields had
unconventional gas deposits, it said. produced 55.4% more oil and 38.2% more gas
IAE further noted that the increase in yields y/y.
had been evenly distributed across all regions of Additionally, the IAE report showed that in
Argentina. The Neuquen basin, which encom- February, Argentina’s oil and gas output actually
passes most of the Vaca Muerta formation, saw sank by 0.2% and 2% respectively, on the pre-
total oil and gas output rise by 23.8% y/y in Feb- vious month. Conventional fields yielded 4.4%
ruary, with oil production alone climbing by more oil and 1.9% more gas month on month,
29.1% y/y, it reported. By contrast, the Golfo while unconventional fields yielded 0.4% less oil
San Jorge basin, the country’s second-largest and 3.8% less gas. ™

Vaca Muerta fields help drive the increase in production (Image: YPF)

Week 15 14•April•2022 www. NEWSBASE .com P13