In three months Neuquén oil exports quadrupled

Vaca Muerta 16 de mayo de 2022
In March, 1.3 million barrels of oil were sent abroad from the province of Neuquén. Governor Gutiérrez stressed that these figures will have a positive impact on the provincial Countercyclical Fund.
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According to the Ministry of Energy and Natural Resources, during the first quarter of the year, oil exports quadrupled compared to the same period in 2021, after sending more than 3.9 million barrels. This represents 17% of provincial production, implying revenues of more than 350 million dollars. Since March 2021, crude oil has been exported uninterruptedly from the Neuquén fields.

In March, 1.3 million barrels of oil were exported, which meant 16% of the provincial production for the month.

This volume translates into sales of 130 million dollars, at an average price of around 99.5 dollars a barrel.

The companies that made the largest shipments were Pan American Energy (482 thousand barrels), Vista Oil & Gas (347.5 thousand barrels) and Non-Conventional Hydrocarbons Company (345.7 thousand barrels).

"The notable growth in gas and oil production allows us to break export records, which means more income for the Province and an increase in foreign currency for the reserves of the Central Bank of the Argentine Republic, which is so necessary at this time," he said. Governor Omar Gutiérrez, who assured that "these figures will have a positive impact on the provincial Anticyclical Fund."

The governor stressed the importance "of immediately getting to work to expand the necessary infrastructure that allows us to quickly evacuate these levels of gas and oil production." In this sense, he pointed out that "the Province and the country have a horizon both in the domestic, regional and international markets, so it is imperative to take advantage of the opportunity while we march towards the energy transition."

Gutiérrez highlighted the "confidence that companies have placed in Neuquén" and assured that for this "articulated work between public and private activity carried out in the province, without cracks and always in search of consensus, was essential."

The FEDeN came into effect on January 1 of this year and is funded by 50% of oil and gas export royalties, 20% royalties when there is a surplus and, in addition, other income that the Executive Branch may determine. . Likewise, it is made up of two sub-funds: the countercyclical and the development sub-fund.
gas exports

Regarding natural gas shipments, during March a total of 122 million cubic meters (MMm3) was exported at an average price of 4.52 dollars per million BTU, which implied sales of 20.5 million of dollars. This means that of the province's total natural gas sales in March, 5 percent were exports.

The five companies that made the most shipments abroad were Tecpetrol (39 MMm3 ), Total Energies (37 MMm3 ), Pan American Energy (23 MMm3 ), YPF (22 MMm3 ) and Pluspetrol (1 MMm3 ).

It should be noted that shipments to Chile through the GasAndes and Pacífico gas pipelines have been sustained since September 2021, sending on average last March between 6.6 MMm3 /day and 0.6 MMm3 /day, respectively, of which 58 % corresponds to gas produced in the province of Neuquén.

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