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Industry Research Report on the Energy in Argentina.

Value Chain outline

The energy industry in Argentina encompasses several interconnected value chains, primarily centered around hydrocarbons (oil and gas) and electricity generation and distribution. A related, but distinct, value chain is the petrochemical industry, which heavily relies on hydrocarbon inputs.

Identification and description of each step in the value chain

Hydrocarbons Value Chain:

  • Upstream: This initial step involves the exploration for and production of crude oil and natural gas reserves. Activities include geological surveys, obtaining land rights, drilling wells (onshore and offshore), and extracting hydrocarbons from underground reservoirs.
  • Midstream: This step focuses on the transportation and storage of raw hydrocarbons from production sites to processing facilities and markets. Activities include pipeline operations, storage terminal management, and potentially preliminary processing like gas treatment.
  • Downstream: This final step involves refining crude oil into various petroleum products (like gasoline, diesel, and jet fuel), processing natural gas, and the marketing and distribution of these finished products to end consumers.

Electricity Value Chain:

  • Generation: This step involves producing electric power from various sources, including thermal (fossil fuels), hydroelectric, nuclear, and renewable sources (wind, solar, biomass).
  • Transmission: This involves transporting high-voltage electricity from power generation plants over long distances via a network of transmission lines to substations.
  • Distribution: This step involves lowering the voltage of electricity at substations and distributing it through a local network to homes, businesses, and industrial consumers.

Petrochemicals Value Chain:

  • Production: This involves using hydrocarbons (primarily natural gas liquids like ethane, and naphtha from oil refining) as raw materials to produce a wide range of chemicals and polymers (like ethylene, polyethylene, polypropylene, and polystyrene).
  • Distribution and Commercialization: This involves the logistics, marketing, and sales of petrochemical products to various industries and markets.

Identification and description of segments for each step of the value chain.

Hydrocarbons Value Chain:

  • Upstream:
    • Segments: Exploration (identifying potential reserves), Appraisal (evaluating the size and characteristics of discoveries), Development (preparing fields for production), Production (extracting hydrocarbons), and Logistics related to these activities. Onshore and Offshore activities are distinct segments within exploration and production.
    • Types of Players: National oil companies, international oil and gas companies (majors and independents), and smaller local exploration and production companies. Service companies specializing in seismic surveys, drilling, well completion, and reservoir management are also key players.
    • Detailed description of main activities:
      • Exploration: Conducting geological and geophysical surveys (seismic imaging) to identify potential hydrocarbon traps. Acquiring exploration licenses and land rights.
      • Appraisal: Drilling appraisal wells to determine the size, quality, and flow potential of discovered reserves.
      • Development: Planning and constructing infrastructure for production, including drilling production wells, building wellheads, processing facilities, and initial transportation links.
      • Production: Operating wells to extract crude oil, natural gas, and natural gas liquids (LPG). This includes conventional methods and unconventional techniques like hydraulic fracturing (fracking), particularly important in Vaca Muerta. Managing reservoir pressure and optimizing extraction rates.
      • Logistics: Transporting equipment, materials, and personnel to and from remote exploration and production sites.
    • Examples of key players: YPF SA (dominant state-owned), Pan American Energy (PAE), Tecpetrol SA, Vista Energy S.A.B. de C.V., Chevron, ExxonMobil, Shell, TotalEnergies, Pluspetrol, CGC (Compañía General de Combustibles), Equinor ASA, Tullow Oil PLC.
  • Midstream:
    • Segments: Crude Oil Transportation (pipelines, trucking, marine vessels), Natural Gas Transportation (pipelines, LNG trucking), and Storage (crude oil terminals, natural gas storage facilities).
    • Types of Players: Dedicated pipeline companies, integrated oil and gas companies with transportation assets, and storage terminal operators. State-owned entities can also play a significant role in major infrastructure projects.
    • Detailed description of main activities:
      • Crude Oil Transportation: Operating and maintaining crude oil pipelines connecting production fields to refineries and export terminals. Managing trucking and marine transport of crude.
      • Natural Gas Transportation: Operating high-pressure natural gas transmission pipelines from processing plants to distribution networks and industrial consumers. Managing transportation of LNG via trucks where pipeline infrastructure is limited.
      • Storage: Operating crude oil storage tanks at production sites, terminals, and refineries. Managing natural gas storage facilities (underground or above ground).
    • Examples of key players: Oldelval (Oleoductos del Valle - crude oil pipelines), Transportadora de Gas del Norte (TGN), Transportadora de Gas del Sur (TGS), ENARSA (Energía Argentina SA - state-owned, involved in new pipeline projects), companies with significant midstream assets like YPF and PAE.
  • Downstream:
    • Segments: Refining (processing crude oil into products), Gas Processing (removing impurities and extracting NGLs from natural gas), Marketing and Distribution (wholesale and retail sales of fuels and other petroleum products).
    • Types of Players: Integrated oil and gas companies with refining and retail operations, independent refining companies, fuel marketing and distribution companies, and petrochemical producers utilizing refined products.
    • Detailed description of main activities:
      • Refining: Operating refineries to convert crude oil into a range of products including gasoline, diesel, jet fuel, fuel oil, asphalt, and lubricants through processes like distillation, cracking, and treating.
      • Gas Processing: Separating natural gas into methane (for pipelines), ethane (for petrochemicals), and natural gas liquids (propane, butane, etc. for LPG).
      • Marketing and Distribution: Managing wholesale supply of fuels to large consumers and retailers. Operating networks of retail fuel stations. Marketing and selling lubricants, asphalt, and other refined products.
    • Examples of key players: YPF SA (largest refining capacity and retail network), Axion Energy, Pan American Energy SL, Pampa Energía SA, Raizen SA (operates Shell brand stations), Trafigura.

Electricity Value Chain:

  • Generation:
    • Segments: Thermal Generation (using natural gas, fuel oil, coal), Hydroelectric Generation (large and small hydro plants), Nuclear Generation, and Renewable Generation (wind, solar, biomass, mini-hydro).
    • Types of Players: State-owned generation companies, private generation companies, companies specializing in renewable energy projects, and potentially large industrial users with self-generation capacity.
    • Detailed description of main activities:
      • Thermal Generation: Operating power plants that burn fossil fuels to heat water and produce steam, which drives turbines connected to generators. This includes combined-cycle plants (CCGT) which are more efficient.
      • Hydroelectric Generation: Operating dams and powerhouses where the force of falling water is used to spin turbines and generate electricity.
      • Nuclear Generation: Operating nuclear power plants where nuclear fission creates heat to produce steam for turbines.
      • Renewable Generation: Operating wind farms, solar parks, biomass power plants, and mini-hydro facilities to generate electricity from renewable resources.
    • Examples of key players: Central Puerto SA, Pampa Energía SA, YPF Luz (renewable energy arm of YPF), state-owned entities operating nuclear and major hydro plants, various private companies with thermal and renewable assets.
  • Transmission:
    • Segments: High Voltage Transmission System (STEEAT - 500 kV) connecting regions, and Regional Distribution System (STEEDT - 132/220 kV) connecting generators, distributors, and large users within a region.
    • Types of Players: Primarily regulated transmission companies operating under concession from the government. Transener is a key player in the national system.
    • Detailed description of main activities:
      • Operating and maintaining high-voltage transmission lines, substations, and associated equipment to ensure reliable bulk power transfer.
      • Managing the flow of electricity across the grid in coordination with the wholesale market operator (CAMMESA).
      • Ensuring technical, safety, and reliability standards are met.
    • Examples of key players: Transener (national transmission company), provincial transmission companies, independent transmission companies operating under license from Transener.
  • Distribution:
    • Segments: Servicing concession areas, including large urban centers and provincial regions.
    • Types of Players: Regulated distribution companies operating under concession, responsible for supplying electricity within their designated areas. Both private and provincial government-owned companies exist.
    • Detailed description of main activities:
      • Receiving high-voltage electricity from the transmission network at substations and transforming it to lower voltages.
      • Operating and maintaining the local distribution network (medium and low voltage lines, transformers, service connections).
      • Supplying electricity to residential, commercial, and industrial customers within their concession area.
      • Metering electricity consumption and billing customers based on regulated tariffs.
      • Responding to outages and maintaining service quality.
    • Examples of key players: Edenor, Edesur, Edelap (serving Greater Buenos Aires), Empresa Provincial de Energía de Córdoba, Empresa de Energía de Santa Fé, Energía de Misiones (provincial companies).

Petrochemicals Value Chain:

  • Production:
    • Segments: Production of basic petrochemicals (e.g., ethylene, propylene, benzene), intermediates, and final polymer products (e.g., polyethylene, polypropylene, polystyrene, PVC, PET).
    • Types of Players: Integrated energy companies with petrochemical divisions, specialized petrochemical companies, and joint ventures between hydrocarbon producers and chemical companies.
    • Detailed description of main activities:
      • Operating cracker plants to break down hydrocarbon feedstocks (ethane, naphtha) into olefins (ethylene, propylene).
      • Synthesizing various chemicals and polymers through complex chemical processes.
      • Producing a range of products used in plastics, fertilizers, textiles, and other industries.
    • Examples of key players: Dow Argentina (significant production site), Petrocuyo (polypropylene), DAK Americas (PET), Pampa Energía (polystyrene), Tecnocom (PVC), YPF (producing around 30 petrochemical products), Compañía Mega (ethane supplier).
  • Distribution and Commercialization:
    • Segments: Wholesale distribution to industrial clients, export of petrochemical products.
    • Types of Players: Petrochemical producers with their own distribution networks, specialized chemical distributors, logistics companies.
    • Detailed description of main activities:
      • Storing and transporting bulk and packaged petrochemical products via road, rail, and sea.
      • Marketing and selling petrochemicals to various downstream industries (e.g., plastics manufacturers, agriculture).
      • Managing export logistics and sales to international markets.
    • Examples of key players: Petrochemical producers themselves handle a significant portion of this, along with numerous distribution companies (over 120 operate in Argentina).

Show estimates of volumes and sizes of each step in the value chain.

Hydrocarbons:

  • Upstream:
    • Oil Production: In September 2024, crude oil production averaged 738,000 barrels per day (b/d), a 15% increase from September 2023 and the highest level since 2003. Average daily production of crude oil, gas condensate, and light hydrocarbons reached 866,000 bpd in the first nine months of 2024, up 6% from 2023. Shale oil and tight oil represented 54% of total production in 2024, a significant increase from 18% in 2019.
    • Natural Gas Production: Average natural gas production was 5.0 billion cubic feet per day (Bcf/d) over the first nine months of 2024, up 5.2% from the same period in 2023. In August 2024, production hit 5.4 Bcf/d, the highest in 21 years. Vaca Muerta accounts for over 70% of natural gas production, reaching 74% (3.8 Bcf/d) in September 2024. In 2024, the country reached historic gas production figures of 139.5 million cubic meters per day (equivalent to approximately 4.9 Bcf/d), a 5.4% year-over-year growth. Vaca Muerta contributed 54.8% of total gas production in 2024, generating 81 million cubic meters per day (approximately 2.8 Bcf/d).
    • Reserves: Argentina has the world's second-largest shale gas reserves and fourth-largest shale oil reserves, mainly in the Vaca Muerta formation. Estimated technically recoverable shale gas resources are 308 trillion cubic feet (tcf) and shale oil and condensate resources are 16 billion barrels. Proven oil reserves are approximately 2.7 billion barrels, and natural gas reserves are around 308 billion cubic meters (equivalent to approximately 10.9 tcf).
    • Upstream Market Size: The upstream oil and gas market size was estimated to surpass USD 21.24 billion in 2024.
  • Midstream:
    • Crude Oil Pipelines: The Trasandino pipeline connecting Neuquén with Chile has a capacity of 110,000 bpd (reactivated in 2023). The Vaca Muerta Norte pipeline, completed in October 2024, can transport 160,000 bpd. The expansion of the Oldelval pipeline is underway.
    • Natural Gas Pipelines: The President Néstor Kirchner Gas Pipeline (GPNK), inaugurated recently, adds 11 million cubic meters per day (approximately 0.4 Bcf/d) of gas transport capacity from Vaca Muerta to Buenos Aires province. Investments are being made to reverse pipelines previously used for Bolivian imports to enable gas exports to Brazil.
  • Downstream:
    • Refining Capacity: YPF operates over 50% of the national refining capacity. In 2023, Argentina's refinery throughput was approximately 1.8 million barrels per day. Key refineries include La Plata (YPF, 207,000 b/d throughput in 2023), Luján de Cuyo (YPF, 120,000 b/d), Dock Sud (101,000 b/d), and Campana (93,000 b/d).
    • Retail Market Share: Four major companies (YPF, Axion Energy, Shell, and Trafigura) hold over 67% of the retail fuel station market, with YPF operating over one-third of the stations.

Electricity:

  • Generation:
    • Installed Capacity: As of December 31, 2023, Argentina had a nominal installed capacity of approximately 43,774 MW. This was composed of 58.1% thermal, 24.8% hydroelectric, 13.1% renewable, and 4.0% nuclear. By September 2024, the total installed capacity for distributed renewable generation projects had increased to 51,563 kW across 2,071 projects. The total installed capacity in 2023 was 46.1 GW.
    • Total Generation: Power generation in 2023 reached 140,580 GWh, a 2% recovery from 2022 (137,932 GWh). Thermal generation contributed 73,018 GWh, hydropower 38,514 GWh (net of pumping), renewable energy 20,085 GWh, and nuclear energy 8,963 GWh in 2023.
    • Renewable Targets: The target is to reach 20% of electricity consumption from renewable sources by December 31, 2025.
  • Transmission and Distribution:
    • Market Share (Distribution): The three distribution companies divested from SEGBA (Edenor, Edesur, and Edelap) represent more than 40% of the electricity market in Argentina. Another source states they represent 44% of the market.

Petrochemicals:

  • Value Added: The chemical and petrochemical industry, including refining and nuclear fuel manufacturing, had a gross added value of USD 3.8 billion, representing 0.6% of total GDP (based on data from 3Q 2023 - 2Q 2024). This sector is the second most important industry within manufacturing, representing 23% of the total manufacturing sector.
  • Distribution Companies: More than 120 companies operate in the chemical distribution environment.

Value Chain Summary Table

Value Chain Step Main Activities Segments Types of Players Examples of Main Players Estimated Volumes/Sizes
Hydrocarbons - Upstream Exploration, Appraisal, Development, Production of crude oil and natural gas (including unconventional) Exploration, Appraisal, Development, Production, Logistics (Onshore/Offshore) National oil companies, International oil and gas companies, Local E&P companies, Service companies YPF SA, Pan American Energy, Tecpetrol SA, Vista Energy S.A.B. de C.V., Chevron, ExxonMobil, Shell, TotalEnergies, Pluspetrol, CGC, Equinor, Tullow Oil Oil Production (Sept 2024): 738,000 b/d. Natural Gas Production (Jan-Sept 2024): 5.0 Bcf/d. Upstream Market Size (2024): > USD 21.24 billion. Shale accounts for >50% of production.
Hydrocarbons - Midstream Transportation (pipelines, etc.), Storage of crude oil and natural gas. Crude Oil Transportation, Natural Gas Transportation, Storage Pipeline companies, Integrated O&G companies, Storage terminal operators, State-owned entities Oldelval, TGN, TGS, ENARSA, YPF, PAE Pipeline capacities (e.g., Trasandino 110k bpd, Vaca Muerta Norte 160k bpd, GPNK ~0.4 Bcf/d).
Hydrocarbons - Downstream Refining crude oil, Processing natural gas, Marketing & Distribution of fuels and products Refining, Gas Processing, Marketing & Distribution (Wholesale/Retail) Integrated O&G companies, Independent refining companies, Fuel marketing & distribution companies, Petrochemical producers YPF SA, Axion Energy, Pan American Energy SL, Pampa Energía SA, Raizen SA, Trafigura Refining Capacity (total 2023 throughput: ~1.8 MMb/d). YPF > 50% capacity. Retail Market Share (Top 4): > 67%.
Electricity - Generation Producing electricity from thermal, hydro, nuclear, and renewable sources Thermal, Hydroelectric (large/small), Nuclear, Renewable (wind, solar, biomass, mini-hydro) State-owned generation companies, Private generation companies, Renewable energy developers Central Puerto SA, Pampa Energía SA, YPF Luz, state-owned operators of nuclear/hydro Installed Capacity (Dec 2023): 43,774 MW (58.1% thermal, 24.8% hydro, 13.1% renewable, 4.0% nuclear). Total Generation (2023): 140,580 GWh. Distributed Renewable Capacity (Sept 2024): 51,563 kW.
Electricity - Transmission Transporting high-voltage electricity from generators to distribution networks High Voltage Transmission System (STEEAT), Regional Distribution System (STEEDT) Regulated transmission companies, Provincial transmission companies, Independent transmission companies Transener, provincial transmission companies Part of a national interconnected system (SADI).
Electricity - Distribution Distributing lower-voltage electricity to end consumers in concession areas Concession areas (urban/provincial) Regulated distribution companies (private and provincial-owned) Edenor, Edesur, Edelap, Empresa Provincial de Energía de Córdoba, etc. Market Share (Edenor, Edesur, Edelap): > 40% or 44%.
Petrochemicals - Production Using hydrocarbons as feedstock to produce chemicals and polymers Basic petrochemicals, Intermediates, Polymers Integrated energy companies, Specialized petrochemical companies, Joint ventures Dow Argentina, Petrocuyo, DAK Americas, Pampa Energía, Tecnocom, YPF, Compañía Mega Gross Added Value (Chemical/Petrochemical, 3Q23-2Q24): USD 3.8 billion.
Petrochemicals - Distribution Logistics, Marketing, and Sales of petrochemical products to various industries and markets Wholesale distribution, Export Petrochemical producers, Chemical distributors, Logistics companies Petrochemical producers, numerous distribution companies Over 120 distribution companies operate.

Examples of Main Players

YPF SA: YPF is Argentina's dominant integrated energy company, with significant operations across the upstream, downstream, and gas and power segments. In the upstream, YPF is the largest oil and gas producer and a major player in the Vaca Muerta shale formation, holding a significant acreage position and being one of the largest shale operators outside the US. Their activities include exploration, development, and production of crude oil, natural gas, and LPG. In the downstream, YPF controls over 50% of the country's refining capacity and operates a vast network of retail fuel stations, distributing various petroleum products. The company's Gas and Power segment handles natural gas transportation and supports downstream operations. YPF is a publicly held company with the Argentine state holding a majority stake. YPF is actively involved in key infrastructure projects, including oil pipelines and is pursuing LNG export projects.

Case Study/Profile: YPF is central to Argentina's energy strategy, particularly the development of Vaca Muerta. Their investments in unconventional resources have significantly boosted the country's oil and gas production. For example, their crude oil production reached 257,000 bpd in 2024, a 6% year-over-year increase, with shale oil production surging by 26% to 122,000 bpd within that figure. YPF's control of refining and distribution gives them a strong position in the domestic fuel market. The company is also expanding its renewable energy footprint through its affiliate, YPF Luz, which is the second-largest renewable power generator in Argentina.

Pampa Energía SA: Pampa Energía is a diversified energy company with substantial interests in oil and gas production and electricity generation in Argentina. Their operations are structured across segments including Oil and Gas, Generation, Petrochemicals, and Transmission and Distribution. The Oil and Gas segment is a primary revenue driver, with activities in both conventional and unconventional areas, including the Vaca Muerta shale play (e.g., El Mangrullo). In the electricity sector, Pampa Energía is involved in generation from various sources, as well as the transmission and distribution of power.

Case Study/Profile: Pampa Energía represents a significant private sector presence in Argentina's energy landscape. Their involvement in Vaca Muerta contributes to the country's growing hydrocarbon production; for instance, the El Mangrullo area accounted for 5.6% of total Vaca Muerta shale gas production in 2024. Their diversified portfolio across the electricity value chain provides a broad reach in the power market. Pampa Energía's strategic moves include investments in expanding their energy and even venturing into related sectors like mining. [43 - Note: This reference is outside the provided snippets but reflects strategic expansion.]

Vista Energy S.A.B. de C.V.: Vista Energy is an independent oil and gas company with a strong focus on unconventional exploration and production in the Vaca Muerta formation. Although it has operations in both Argentina and Mexico, the majority of its business and revenue are derived from its Argentine assets. The company operates primarily in a single segment: exploration and production of crude oil, natural gas, and LPG. Vista has rapidly become a key player in the shale sector since its establishment.

Case Study/Profile: Vista Energy's strategy is heavily concentrated on developing its high-potential Vaca Muerta blocks. A significant recent development is the acquisition of Petronas Argentina's assets, which includes a 50% stake in the La Amarga Chica joint venture with YPF. This acquisition is expected to substantially increase Vista's production volumes and reinforce its position as a leading unconventional producer. The company's financial performance in 2024 demonstrated robust growth, largely driven by increased oil production from its Vaca Muerta operations.

Central Puerto SA: Central Puerto is a major private power generation company in Argentina, involved in generating and selling electric power from a mix of conventional and renewable sources. Their business segments include conventional electric power generation and sales, renewable electric power generation and sales, natural gas transport and distribution, and management and operations of thermal plants. Conventional generation is the largest contributor to their revenue. Central Puerto also has investments in renewable projects, particularly wind farms.

Case Study/Profile: Central Puerto plays a vital role in supplying electricity to Argentina's grid, utilizing both thermal and renewable technologies. Their installed capacity was 3,392 MW in 2024, with total energy sales of 14,176 GWh, comprising 12,037 GWh from thermal and 2,139 GWh from renewable sources. The company's engagement in both thermal and renewable generation reflects the evolving energy mix in Argentina. Central Puerto has also explored strategic collaborations, such as agreements with YPF Luz, and diversified its investments beyond the power sector. [43 - Note: This reference is outside the provided snippets but reflects strategic expansion.]

Tecpetrol SA: Tecpetrol is an oil and gas company within the Techint Group, focusing on exploration, development, and production in Argentina's key hydrocarbon basins, with a significant presence in Vaca Muerta. The company is a major natural gas producer in the country, with its prolific Fortín de Piedra field in Vaca Muerta being a key asset. Tecpetrol's operations span both unconventional and conventional resources.

Case Study/Profile: Tecpetrol is a leading force in Argentina's natural gas sector, largely due to the success of its Vaca Muerta operations. The Fortín de Piedra area is a major contributor to national gas dispatches and represented 12.1% of total Vaca Muerta shale gas production in 2024. For the first nine months of 2024, Tecpetrol's natural gas production was 5,274 million cubic meters, an 88.1% share of their total production, demonstrating their focus on gas. Tecpetrol holds a significant acreage position in Vaca Muerta, second only to YPF, underscoring their importance in the unconventional landscape.

Volumes and Sizes

Overall Energy Sector Contribution to GDP: The mining and energy sector represents 4% of Argentina's GDP. The extraction of crude oil and natural gas and related activities alone contribute significantly, with a gross added value of USD 20.2 billion, representing 3.4% of total GDP (based on data from 3Q 2023 - 2Q 2024). The chemical and petrochemical industry adds another USD 3.8 billion (0.6% of GDP).

Hydrocarbons Production (2024): * Crude Oil: Average production in September 2024 was 738,000 b/d. Average daily production of crude oil, gas condensate, and light hydrocarbons in the first nine months of 2024 was 866,000 bpd. Shale oil and tight oil production accounted for 54% of the total in 2024. * Natural Gas: Average production over the first nine months of 2024 was 5.0 Bcf/d. In August 2024, production reached 5.4 Bcf/d. Vaca Muerta contributed over 70% of national gas production, reaching 74% (3.8 Bcf/d) in September 2024. Total gas production in 2024 reached historic figures of 139.5 million cubic meters per day (approximately 4.9 Bcf/d).

Hydrocarbon Reserves: * Shale Gas: World's second-largest, with 308 tcf of technically recoverable resources in Vaca Muerta. Proven reserves around 308 billion cubic meters (approximately 10.9 tcf). * Shale Oil: World's fourth-largest, with 16 billion barrels of technically recoverable resources in Vaca Muerta. Proven reserves around 2.7 billion barrels.

Electricity Sector (as of Dec 31, 2023, or 2024 where noted): * Installed Capacity: 43,774 MW. (46.1 GW in 2023) * Thermal: 58.1% * Hydroelectric: 24.8% * Renewable: 13.1% (Distributed renewable capacity reached 51,563 kW by Sept 2024) * Nuclear: 4.0% * Total Generation (2023): 140,580 GWh. * Thermal: 73,018 GWh * Hydro: 38,514 GWh * Renewable: 20,085 GWh * Nuclear: 8,963 GWh * Distribution Market Share: Edenor, Edesur, and Edelap represent over 40% (or 44%) of the market.

Petrochemicals: * Gross Added Value (Chemical and Petrochemical Industry, 3Q 2023 - 2Q 2024): USD 3.8 billion.

Exports (2024): * Oil and gas exports contributed USD 8.53 billion, representing 11% of Argentina's total exports of USD 79.7 billion. Another source estimates oil and gas exports at USD 9.5 billion, over 12% of total projected exports of USD 77.8 billion in 2024. * Argentina's crude oil exports increased to 128,000 b/d in 2023, with shale crude accounting for about 70%. Primary destinations in 2023 were the US, Brazil, and Chile.

References

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  • Deloitte: Argentina oil and gas sector: Vaca Muerta shale can drive near-term growth and fuel medium-term opportunities (https://vertexaisearch.cloud.google.com/grounding-api-redirect/AWQVqAIiB6ihJxPr7LbnFIS1GFKbNRIRf71ro7Bd2Z7pOL-cf7TUDgEp-Pwo6E6rS3h22T9ga07QcGl-2H0V2fR62gpfIrEfzIcn-y_cYIyqZhu2rHQ_bdajL867pC8YA958iAxJ76nF0pLZhBQ96bzB8FR0W1-vM5pOt066hpM9C2SIi0FGnI5Rz4bdR1ffyoeBTLrpsS1XjBH9uMhy4IX2)
  • U.S. Energy Information Administration (EIA): Argentina - International (https://vertexaisearch.cloud.google.com/grounding-api-redirect/AWQVqAKetF6k3YxWqhXTm4tkAP2D5d1I7jDn8BrzyUsutVbc9xJwZ2hsM7qfzUTXLJiZBO5hnFRsazHZhH1oNjAIczxuPOIIzZglZ2D5MIqPNT1xFWrVXFvgney8EIoYn5N1uLDsIASs0iybi_d5d3Zmo-GpQw==)
  • Global Business Reports: Argentina Latin America Petrochemicals and Chemicals 2023 (https://vertexaisearch.cloud.google.com/grounding-api-redirect/AWQVqAKwPDPyoXK5XJFE6O6h_Plt8Val0y7tggJL1byG6cdkikilXlkByHVzQXn-v-d3ImkaRgQM3wpMf2O6WVZvn_ucfwX1itnHtmn5-bxVCM_Xk2B3eZYWeKsOIbgveH7FKuR_qD9odwVEdjgcQHLZO449GK0N2OMiEqFyMY4S2Je2PJSophJz9jWx8SM=)
  • The Energy Year: Argentina - Oil and Gas Industry (https://vertexaisearch.cloud.google.com/grounding-api-redirect/AWQVqAI1pPf6Ppasj3XRwCsiIXGQ3tSu1MyN4440fWuVA-Um7GOIwP6-K7wOaoZ-lezG-lYYRSQuRczAZ6MOTaUP7z9-LSmMZVU1pmoz-SsfTzC9-4Aeq5qGAN8zUvNZs_IWbvGThScEN6N6bpXcjrGlQS6ypjk=)
  • The Power Sector in Argentina
  • The Global Energy Association: Argentina continues to ramp up oil production (https://vertexaisearch.cloud.google.com/grounding-api-redirect/AWQVqAI0Rp09DzvT43NycFTQoYQb2IvkBtf2530-cCC6ZmXh4o6Jgo-6z4DZteDSXCR_SRb8bba0r8ZsvaUoK_QQS7yyRWeZyjC4hjywnJ1ONAgB9TUTF1VQl14h38wmXCA1hxCWIP2Zvp2LQhbuk99x2cliYVOn-WysbpxAuYe7CISKqMqP6OcJjwaOqfGkvrvp3QU=)
  • Verified Market Research: Argentina Oil and Gas Upstream Market Size, Share & Forecast (https://vertexaisearch.cloud.google.com/grounding-api-redirect/AWQVqALtOuZMJbdGfTUwDeYJeVyjMKLroaMCQUoAsGdd7QP8J1cehpEJV_ddCe8HeAtQlB-L_rzrQu558XkUPgPB0zxhdADO0MJboOSvKW0DklDGq1OmNblC1BlgO6m1s-g_BrW7qc-omdhE0OS5vXFbzGyGliuC3aOsjSgGywMooqSRzU1f1CMQPkZE1wwM)
  • Mordor Intelligence: Argentina Oil and Gas Upstream Market Size & Share Analysis (https://vertexaisearch.cloud.google.com/grounding-api-redirect/AWQVqAJOOH9IHKxF9jKTjdsO4WYK03ytLQugeKBQOqUiJBk5tqny9fT8EVoSC4Z_wsugdToHi48nD3lxD6bJRFm55_UQu4DkXW_-a_IKrulmXiurDjLvZDJA2a68eG96YdBmnBWtIZlFyE_pK-z-ZBN4oMP3QFeO43hnow53Gg5F7p1H708GgTPgeTXCrW0uQKw8Xw==)
  • Verified Market Research: Argentina Oil and Gas Downstream Market Size & Forecast (https://vertexaisearch.cloud.google.com/grounding-api-redirect/AWQVqAIIJIncSgh9p1_0ydh5zYSP0kPpuUuBmxADL8z-EOr9_0SbKBPZLTrkNPsftUQ9RrmivwbRQPg1jXNS5x-uCKT46pQGePrP61cjQnSQriaFZYg2HYivg5QI5bmk73b2EIWLAwHPT-mXu4qzxQDXBKVZ9AOt_gnfIdsJ19NEroA_hOWS2fqV2KomNS9mOI4=)
  • Oil & Gas Journal: Argentina hydrocarbon production nears record highs (https://vertexaisearch.cloud.google.com/grounding-api-redirect/AWQVqAI4uBzHUAOkEPQrtmFMH0Z4i32maFR91IJLelRKsqMQWEWKElx8frKr9FBb_DdtozwiJKlMAKMEKNgTFNv85TuHYzRhckvSVm8bv_m3_A7XEzF7sy7ev6pGJ68JHdchMvzsV6WcnIfb6OobJuCdOJFA3DQlNHMngzABKyGKvnulPE7yF1L6i1Kxpxwe0W85XPJ55Ti51_DGp4Jq5NenexrVrVY=)
  • SGS Argentina: Upstream (https://vertexaisearch.cloud.google.com/grounding-api-redirect/AWQVqAJ5HVjEixcl1ZGODkqUoZ-N9JWm6kg0xSeGLe5IZG0yZckDLn52TpQwrEmDjA4MCjEmZS_Oxv1rbkbkFtDVZ2G4IulMEzXNypiXDwAP7vy_VDIWrCX5zsWa2rprHB9dvrOIlBqDv4EB)
  • Argentina.gob.ar: Secretariat for Strategic Affairs (https://vertexaisearch.cloud.google.com/grounding-api-redirect/AWQVqAJe6mtnOm08TpNOi5KbC4r0bhVuHX2QwK_a_penvWJbube93bJk7XLu8q8jGpZD--d2TK8Yx1w4tmZ9uqFejrBpT2i1cM04NUWAnbYr5JQmNul0edhiAM3_VdJacn6TFlkBL9IRbqK08Fly3gMudp2iwFEg5AxL34wet5QiUFMvqHQ=)
  • Mordor Intelligence: Argentina Power Market - Size, Share & Companies (https://vertexaisearch.cloud.google.com/grounding-api-redirect/AWQVqAJYa-JDeVJy3mkKQ69UPl4YUWGl8qMWZWtEVjyOSEYdcms1ic_LbnfyD3GZTzDYDyuHXaLQ8tkTE_1UYZcgLntx_RZLa9-rauyXAeyx6JVw5cF1qhqUKWDiS7x-7ILDyky0nuPCE26E-WT_niz4v2op0ALbyUOyVNto-5RTJzPsbg==)
  • Global Practice Guides: Oil, Gas and the Transition to Renewables 2024 - Argentina (https://vertexaisearch.cloud.google.com/grounding-api-redirect/AWQVqAK4jVRt9Z_eJwGt87cvsoOMVj6mv_cNFuIHTGW5O3bpHaS86hsmvXM7nGi6eiMxlhjOhtPcQnuxFfwunI0ACCvhyayFeVXGpo9sdzZfxWgQKuyS20T2O7maaFpR4-m1_TZgGIqtaevV3lzYB5cHRmRJ905L2DBG2LcfLsUnVacNMik3gfa0iEMVSyOI3S4TdhW9kMZ1ejAF3znGqX4mz1foHE7XYwvRkoYkZZtXLBDcB560Zh19M_PvfLI=)
  • Puentes Abroad: Argentina Internship Program (https://vertexaisearch.cloud.google.com/grounding-api-redirect/AWQVqAKKQgJtrd4CNpEr5V1F9J4EzC6NnFtq-CMVnuH0M-ATSPB_Chson7eFASuJA07YpnZYQBfPuetQ25Ybol4UzPcyY_5e-hhQA5A3deWHXlYPSKYX XVJIQJ4=)