The oil field increased its crude oil production by 26% and projects strong international expansion
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International consulting firm Rystad Energy, specialized in energy analysis, highlighted the sustained progress of Vaca Muerta as a growth engine for gas and oil production in Argentina.
In a recent report, it emphasized that the country is taking firm steps toward its consolidation as a strategic exporter of liquefied natural gas (LNG), with a long-term vision that includes multi-million-dollar investments and a global outlook.
Strong growth in oil and gas
During the first quarter of 2025, oil production in Vaca Muerta grew by 26% year-on-year, surpassing 447,000 barrels per day (bpd) in March. The increase was driven mainly by YPF, accompanied by operators such as Vista Energy, Pluspetrol, and Phoenix Global Resources.
Vaca Muerta aumentó 26% su producción y proyecta exportar gas licuado
Meanwhile, dry gas production climbed 16% compared to the same period in 2024, reaching 2.1 billion cubic feet per day (Bcfd). This growth reflected a shift in Argentina's energy paradigm, with gas gaining prominence as a key export vector.
The national LNG strategy
Radhika Bansal, vice president of Upstream Research at Rystad Energy, stated that "Argentina is driving a multi-stage national LNG export strategy", which could reshape the international energy map.
The report highlights the Southern Energy LNG project, based on two floating liquefaction vessels (FLNG): Hilli Episeyo and MK II, provided by Golar LNG. Both will be operational off the coast of Río Negro and will offer a capacity of 6 Mtpa. MK II is expected to receive investment approval in the third quarter of 2025, with operations scheduled for 2028.
New phases and strategic alliances
Additionally, YPF is leading new developments that include alliances with Shell and Eni, in successive phases that aim to expand export capacity up to 22 Mtpa. Rystad explained that these phases, although differentiated, are already being considered as part of a comprehensive plan.
In terms of infrastructure, the Vaca Muerta Oil Sur (VMOS) pipeline will connect the Neuquina basin with Punta Colorada to facilitate exports. The project is expected to be ready in 2027.
Vaca Muerta aumentó 26% su producción y proyecta exportar gas licuado
Rising investments and Equinor's return
The report also revealed that Argentina captured 43% of the value of upstream mergers and acquisitions in the Latin American sector during the first quarter of 2025. This dynamism was reinforced by Norwegian company Equinor's decision to continue in Vaca Muerta, after having announced its departure. Improvements in infrastructure and the macroeconomic context motivated the change.
Finally, Rystad concluded that Argentina is entering a stage of structural transformation of its energy profile, with export, logistics, and production projects aimed at sustained integration into international markets.
