Neuquén aims to produce 700 thousand barrels of oil per day

Vaca Muerta 11 de abril de 2022
The Province plans to reach that level of production in 2030. The present is one of records, with barely 8% of Vaca Muerta in development.

"Our projection tells us, by 2030, a production in the Neuquén Basin of approximately 700 thousand barrels of oil per day," said Governor Omar Gutiérrez before the attentive gaze of the representatives of the companies that operate in Vaca Muerta. The meeting was held this Monday in Houston (Texas, USA).

After thanking the companies for having continued with their investment programs, even in the most complicated stages of the pandemic, the governor highlighted that all the productions that have been achieved so far -by the way, records- were made in just 8 % of the total surface of said formation, since the rest is not yet under development.

"In this energy transition we cannot miss the opportunity to develop unconventional oil and gas," the governor told investors, adding: "Our projection is to exceed 308,000 barrels of oil per day this year, by reaching the 420 thousand at the end of 2023”. While the goal eight years from now is, as was said, about 700,000 barrels per day, with which the province would triple its current production.

Regarding gas, the governor pointed out that the estimate for 2030 is 140 million cubic meters per day, to “satisfy the demands and be able to reach the regional market with the strengthening of the export path; that is, Chile, Brazil, Uruguay”.

It is worth noting that -last March- the governor presented the provincial development plan with a horizon of 2030, a core tool for planned growth, which is as important for large investments as the legal predictability and political stability guaranteed by the Province.

These projections, the governor explained in the very heart of international oil activity, are "based on the journey we have had with great effort"; but to promote growth "it is also necessary to be able to advance in (national) legislation that promotes the anticipation of the development of these investments as we are doing in the province."

During his 42-minute exposition, the governor highlighted that “in 2021, 276 wells were drilled, 255 in development; and in January of this year 27 wells were drilled, and it is planned to drill 322 wells”. He also stressed that "in February of this year, 864 fractures were performed" and that throughout "the first two months there were 1,609 fractures, with which" we are convinced that this year will be a record ".

Regarding investments, he pointed out that “this year we expect 5 billion dollars of investments”, but “an optimal investment would be 10 billion dollars a year”. While regarding the potential, he pointed out: "A third of the 30 thousand square kilometers of Vaca Muerta is concessioned in 43 concessions, distributed from the epicenter in Añelo to San Patricio del Chañar and now to the North." “Of those 43 concessions, 23% is under massive development”, therefore “of the total area of ​​Vaca Muerta today 8% is under massive development, less than one kilometer out of 10”; so its potentials are simply immense.

“Neuquén has a developmentalist DNA and I have come to thank you because at the worst moment none of you gave up your convictions, and when all our realities were virtual you continued drilling; Thank you very much and congratulations, there is much more to do,” Gutiérrez told the businessmen during the activity organized by the Argentine Institute of Petroleum and Gas Houston (IAPGH).

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