Oil & Gas in Argentina Current Behavior Changes Analysis¶
Ongoing Behavior Changes¶
The Argentine Oil & Gas value chain is currently undergoing significant shifts driven by accelerated development in unconventional resources, particularly within the Vaca Muerta formation. Based on the provided reports, key ongoing behavior changes include:
- Accelerated Unconventional Production Growth: There is a pronounced and sustained increase in hydrocarbon production, primarily driven by the rapid development of shale oil and gas in Vaca Muerta. National crude oil production and natural gas production saw significant year-over-year increases in December 2024, with unconventional output accounting for over 50% of the total for both oil and gas and exhibiting even higher growth rates. This reflects the successful operationalization efforts and technological application in the shale play by key operators like YPF, Vista, Tecpetrol, and Pluspetrol.
- Increased Focus on Exports: With rising production, particularly of light crude oil from Vaca Muerta, Argentine players are increasingly prioritizing export markets to monetize surplus volumes that exceed domestic refining capacity or demand. YPF, the leading producer, significantly increased its crude exports in 2024, mainly targeting Chile. Additionally, major players like YPF, PAE, and Tecpetrol are actively exploring and planning large-scale Liquefied Natural Gas (LNG) export projects, signaling a strategic shift towards becoming a significant energy exporter.
- Substantial and Targeted Investment: Investments in the sector were robust in 2024, exceeding USD 11 billion, with a clear majority directed towards Vaca Muerta development. Leading companies have announced ambitious investment plans for 2025 and beyond, heavily focused on increasing unconventional production and developing crucial midstream infrastructure. YPF plans USD 5 billion in 2025 with 65% for Vaca Muerta as part of a larger USD 30 billion five-year plan. Vista plans over USD 1.1 billion in 2025. Tecpetrol is investing USD 2 billion from 2025 for shale oil. Pluspetrol is seeking significant funding to support its Vaca Muerta development.
- Intensified Midstream Development Drive: The rapid upstream production growth has highlighted and exacerbated existing bottlenecks in transportation capacity, particularly for crude oil evacuation from the Neuquén Basin. This has directly driven investment and strategic actions in the Midstream segment, including pipeline expansion projects (like Oldelval) and companies (such as Pluspetrol) acquiring stakes in pipeline infrastructure to secure capacity. The push for LNG exports also necessitates massive investment in gas processing and liquefaction terminals.
- Strategic Asset Movements and Partnerships: Companies are making strategic moves to consolidate or expand their positions, especially in Vaca Muerta. Examples include Pluspetrol acquiring key unconventional assets from ExxonMobil and CGC considering entry into Vaca Muerta. Joint ventures and partnerships remain a critical model for sharing risk and capital in large-scale developments.
These behaviors collectively indicate a strong industry-wide focus on unlocking the potential of unconventional resources, shifting the sector towards higher production volumes and greater export orientation, and driving necessary infrastructure investments to support this transformation.
Impact of Behavior Changes on the Value Chain
The ongoing behavior changes have a significant impact on relationships and demand across the Oil & Gas value chain in Argentina:
| Value Chain Segment | Impact on Relationships | Impact on Demand |
|---|---|---|
| Upstream | - Increased reliance on specialized Service Companies (drilling, completion, fracking) due to higher activity levels. - Stronger, often strategic, relationships with Midstream Operators to secure evacuation capacity. - Increased partnerships and Joint Ventures for large-scale unconventional projects to share capital and risk. - Developing relationships with International Buyers for crude exports. |
- High and growing demand for Upstream Products (crude oil, raw natural gas) from Midstream processors, Downstream refiners, and increasingly, export markets. - Increased demand for Specialized Upstream Services (drilling, fracking, etc.). |
| Midstream | - Elevated pressure on relationships with Upstream Producers demanding increased transportation and processing capacity. - Closer relationships with Infrastructure Developers, Engineering Firms, and Investors for pipeline expansions, gas processing plants, and LNG terminals. - Formation of new Consortiums and Partnerships for large-scale LNG projects. - Development of long-term Sales Relationships with International Buyers for future LNG exports. |
- Surging demand for Midstream Services (transportation, processing, storage) driven directly by increased Upstream production, often exceeding current capacity. - Growing demand for LNG Liquefaction and Export Services as projects advance. |
| Downstream | - Potential changes in Crude Supply Relationships for domestic refiners depending on how increased production is balanced between domestic supply and exports. - Continued Wholesale and Retail Relationships with domestic B2B and B2C customers, influenced by domestic pricing policies. - Development of new Trading Relationships focused on facilitating increased crude oil exports. |
- Continued domestic demand for Refined Products (gasoline, diesel, gas) from B2B (industrial, transport, utilities) and B2C (vehicle owners, residential) segments, subject to macroeconomic conditions and pricing. - Indirectly, demand for domestic refining capacity is influenced by the balance of crude production, domestic consumption, and exports. |
Overall, the behavior changes highlight a value chain under transformation, shifting its center of gravity towards maximizing output from unconventional plays and facilitating its evacuation and export. This is intensifying relationships within the Upstream and Midstream segments, driving significant investment, and reconfiguring the balance between domestic supply and international market access for Argentine hydrocarbons.
References¶
Argentina tuvo un año histórico en la producción de hidrocarburos. (2025, January 24). Retrieved from https://www.argentina.gob.ar/noticias/argentina-tuvo-un-ano-historico-en-la-produccion-de-hidrocarburos Brochure Institucional 2024 - Pan American Energy. (2024, October 21). Retrieved from https://pan-energy.com/media/1j2gkvh1/brochure-institucional-paeg-2024.pdf CGC acuerda con VenOil Energía la cesión de Piedras Coloradas y Cacheuta. (2025, January 13). Retrieved from https://energiaonline.com/cgc-acuerda-con-venoil-energia-la-cesion-de-piedras-coloradas-y-cacheuta/ El ojo en Vaca Muerta: CGC estudia sumar activos en 2025 - Diario Río Negro. (2025, April 16). Retrieved from https://www.rionegro.com.ar/petroleo/el-ojo-en-vaca-muerta-cgc-estudia-sumar-activos-en-2025-3439375/ La petrolera de Techint invertirá USD 2.000 millones para aumentar su producción en Vaca Muerta - Infobae. (2024, December 12). Retrieved from https://www.infobae.com/economia/2024/12/12/la-petrolera-de-techint-invertira-usd-2000-millones-para-aumentar-su-produccion-en-vaca-muerta/ Tecpetrol proyecta una inversión de u$s 2000 millones para acelerar sus planes en el shale oil | Mejor Energía. (2024, December 12). Retrieved from https://mejor-energia.com/tecpetrol-proyecta-una-inversion-de-us-2000-millones-para-acelerar-sus-planes-en-el-shale-oil/ YPF presentó su plan a cinco años y anunció inversión de US$5.000 millones en 2025 – Comercio y Justicia. (2025, April 16). Retrieved from https://comercioyjusticia.info/energia/ypf-presento-su-plan-a-cinco-anos-y anuncio-inversion-de-us5-000-millones-en-2025/ YPF lidera el ranking de producción de petróleo y gas en Vaca Muerta: el listado, empresa por empresa - Infobae. (2025, February 5). Retrieved from https://www.infobae.com/economia/2025/02/05/ypf-lidera-el-ranking-de-produccion-de-petroleo-y-gas-en-vaca-muerta-el-listado-empresa-por-empresa/ PAE e YPF lideran la producción de hidrocarburos en 2024 - Energía Online. (2025, January 17). Retrieved from https://energiaonline.com/pae-e-ypf-lideran-la-produccion-de-hidrocarburos-en-2024/ YPF creció en 2024 con el foco en Vaca Muerta - Energía. (2025, March 7). Retrieved from https://www.revistapetroquimica.com/ypf-crecio-en-2024-con-el-foco-en-vaca-muerta/ Pluspetrol anuncia plan de desarrollo en Bajo del Choique - InfoEnergía. (2025, January 27). Retrieved from https://infoenergia.com/pluspetrol-anuncia-plan-de-desarrollo-en-bajo-del-choique/ Tecpetrol, otra petrolera argentina que avanza con el diseño de una planta propia de GNL. (2024, October 10). Retrieved from https://mejor-energia.com/tecpetrol-otra-petrolera-argentina-que-avanza-con-el-diseno-de-una-planta-propia-de-gnl/ Vista invertirá más de US$ 1.100 millones en 2025 producir 100.000 barriles en Vaca Muerta - EconoJournal. (2024, October 25). Retrieved from https://econojournal.com.ar/2024/10/vista-invertira-mas-de-us-1-100-millones-en-2025-producir-100-000-barriles-en-vaca-muerta/ YPF Apunta a Liderar Vaca Muerta con Ambicioso Plan de US$30 Mil Millones. (2025, April 18). Retrieved from https://energia.lamatanza.digitalsig.com/ypf-apunta-a-liderar-vaca-muerta-con-ambicioso-plan-de-us30-mil-millones/ Pluspetrol SA - Informe de Calificación - Banco Provincia. (2025, April 23). Retrieved from https://bancoprovincia.com.ar/navegacion/images/pdf/pes/fma/Pluspetrol%20SA%20-%20Informe%20de%20Calificaci%C3%B3n.pdf El plan de Vista para alcanzar los 100.000 barriles diarios en 2025 - EnerNews. (2025, March 10). Retrieved from https://enernews.com/el-plan-de-vista-para-alcanzar-los-100-000-barriles-diarios-en-2025/ Vista anunció una inversión de u$s1.100 millones en 2025 en Vaca Muerta. (2024, October 24). Retrieved from https://www.ambito.com/economia/vista-anuncio-una-inversion-us1100-millones-2025-vaca-muerta-n5850184/ La petrolera Vista cerró el 2024 con un aumento de producción del 51% y una mejora en la facturación de 41% - Infobae. (2025, February 26). Retrieved from https://www.infobae.com/economia/2025/02/26/la-petrolera-vista-cerro-el-2024-con-un-aumento-de-produccion-del-51-y-una-mejora-en-la-facturacion-de-41/ En 2024 se invirtieron más de USD 11.000 millones en el sector petrolero - Infobae. (2025, January 20). Retrieved from https://www.infobae.com/economia/2025/01/20/en-2024-se-invirtieron-mas-de-usd-11000-millones-en-el-sector-petrolero/ Suscripción primaria de Obligaciones Negociables | IOL invertironline. (2025, January 17). Retrieved from https://www.invertironline.com/Uploads/informe_on/16115_pluspetrol.pdf Pluspetrol sale al mercado a buscar US$ 1.000 millones para financiar sus planes en Vaca Muerta - Forbes Argentina. (2025, January 17). Retrieved from https://www.forbesargentina.com/negocios/pluspetrol-sale-mercado-buscar-us-1000-millones-financiar-sus-planes-vaca-muerta-n32968/ Producción de petróleo promedio diaria por empresa | Argentina.gob.ar. Retrieved from https://datos.energia.gob.ar/dataset/produccion-de-petroleo-promedio-diaria-por-empresa/resource/35010306-5700-4374-a0b3-1f40d35d17c1 Argentina tuvo un año histórico en la producción de hidrocarburos. (2025, January 24). Retrieved from https://www.argentina.gob.ar/noticias/argentina-tuvo-un-ano-historico-en-la-produccion-de-hidrocarburos