With Vaca Muerta as the driving force, production is approaching the historic 1998 record and projecting new milestones
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Oil production in Argentina reached 826,800 barrels per day in August, the highest level since January 1999 and very close to the absolute record set in 1998. The data, released by the Secretariat of Energy, reflect the consolidation of the hydrocarbon sector and its growing role as a generator of foreign currency in a context of macroeconomic stability sought by the Government.
The year-on-year increase was 14.9%, a performance mainly driven by the Neuquén basin, where the Vaca Muerta formation is located. This energy hub produced 612,762 barrels per day, which is equivalent to three out of every four barrels caused in the country. Within that basin, unconventional production accounts for more than 95% of the total, with strong participation in Neuquén and nearby areas in Río Negro, La Pampa, and Mendoza.
The official report also highlighted a 1.3% increase compared to July, confirming a sustained upward trend. At the provincial level, Neuquén led with 547,545 barrels per day, a figure that represents a historic record and consolidates its position as the epicenter of national energy expansion.
Información difundida por la Secretaría de Energía.
Regarding natural gas, production recorded a year-on-year increase of 3.3%, reaching 158 million cubic meters per day. However, this increase has a seasonal component linked to higher winter demand, so moderation is expected in the coming months.
Specialists believe that, if the current pace is maintained, production could exceed 853,000 barrels per day before the end of 2025, thus reaching the 1998 peak. In the medium term, projections point to an even more ambitious goal: reaching one million barrels per day between 2027 and 2028, an unprecedented level for the country.
Meeting these objectives depends on infrastructure, with key projects such as the Vaca Muerta Oil Sur(VMOS), aimed at increasing transportation capacity and facilitating exports. The expansion of this network is considered essential to sustain production growth and capitalize on Vaca Muerta's export potential.
The sector's dynamism also impacts the energy balance. With stable domestic demand, the crude oil surplus is directed to the external market. This factor allows for a projected surplus of nearly 6 billion dollars for this year, a decisive contribution to the balance of external accounts.
The performance of the oil industry is interpreted as a sign of structural recovery, in line with the liberalization and deregulation policies that seek to encourage private investment and leverage the country's strategic resources. The consolidation of Vaca Muerta as an energy engine thus appears as a central component of Argentina's economic and geopolitical strategy in the coming years.
