Argentina has once again set a milestone in its energy sector: in October, the country recorded 859,500 barrels per day of oil, the highest monthly level since official records began. The figure confirms the combined effect of Vaca Muerta, the macroeconomic stability that replaced the inherited disorder, and a regulatory change that is beginning to yield tangible results.
The data comes just as the national government is moving forward with one of the most important reforms for the sector: the elimination of export duties on conventional crude, promoted jointly with the province of Chubut. Governor Ignacio Torres signed the memorandum of understanding together with the Minister of Economy, Luis Caputo; the Minister of the Interior, Diego Santilli; the Chief of Cabinet, Manuel Adorni; and representatives of operators and unions.
According to Torres, the fiscal savings resulting from the elimination of export duties will be directly allocated to reactivating investments in the San Jorge Gulf Basin, one of the country's most mature. "This is a political event rather than an economic one. The goal is to sustain production, prevent the natural decline of the basin, and create jobs," he explained.
Chubut's demand was not new: for years, the 8% export duty applied to a crude essential for local refining had been questioned. The Energy Secretariat, the governor pointed out, projected that within three years the country risked having to import that type of crude if the declining trend of the field was not reversed.
