((Automated translation by Reuters, please see disclaimer https://bit.ly/rtrsauto)) by Alexander Villegas
Argentina's massive Vaca Muerta shale formation produced a record 400,000 barrels per day (bpd) of oil in the third quarter, consultancy Rystad said on Friday.
This figure represents a 35% increase in production year-over-year thanks to improved productivity and evacuation capacity, putting the formation on track to achieve its target of 1 million barrels per day. by 2030, according to the report.
Argentina's national oil company YPF YPFDm.BA led production in the region with 55% of Vaca Muerta's oil production during the quarter, contributing to the company's strong third-quarter results.
Vista Energy's Bajada del Palo Oeste field VISTAA.MX also contributed more than 20% of the oil production growth, the data showed.
The number of horizontal wells coming into production also increased throughout the year, averaging 40 per month compared to 34 in the second quarter, and a record 46 in September.
With production increasing, Argentina is also looking to increase its evacuation capacity, which has been a bottleneck in its oil and gas development. Earlier this month, YPF announced it would seek $2 billion in financing for its Vaca Muerta Sur oil pipeline, which could increase the region's evacuation capacity to export ports.
The report notes that gas production also rose 24% year-on-year to around 2.5 billion cubic feet per day, largely due to increased production from independent operators such as Pluspetrol.
He adds that Pluspetrol has strengthened itself in the region after acquiring ExxonMobil XOM.N assets in the region to quadruple its holdings to 160,000 acres and could potentially expand to 215,000 acres if QatarEnergy chooses to divest it .
Argentina hopes to become a gas exporting power and signed a deal on Wednesday with Brazil and Bolivia's YPFB to export gas from Vaca Muerta, but major infrastructure hurdles could hamper its gas export dreams. liquefied natural gas.
