The Ministry of Energy reported that oil production in Argentina is experiencing a significant increase, reaching its highest point in the last twenty years. In 2024, the highest levels of hydrocarbon production in more than a decade were recorded in the country, with 256,268,454 barrels of oil and 50,726,747 m3 of gas, figures not seen since 2003 and 2006 respectively.
In particular, Argentina's oil production in 2024 exceeded 256 million barrels, 11% more than the previous year. The Vaca Muerta region accounted for a significant part of this production, with 54.9% of oil and 50.1% of gas at the national level. In December, solely in Vaca Muerta, 446.9 thousand barrels of crude oil were extracted daily, showing a year-on-year growth of 26.9%.
The Ministry emphasized that these achievements are partly due to the regulation of the Energy chapter of the Framework Law, which has allowed the alignment of prices at the international level, freedom to export hydrocarbons, and legal certainty for companies, thus promoting transparency and competition in the sector.
On average, daily oil production during 2024 was 717.1 thousand barrels, representing a year-on-year increase of 11%. In December, daily production reached 765.6 thousand barrels, an increase of 11.5% compared to the previous month. Regarding gas, production in December 2024 reached 124.4 MMm3/day, which represented a 9% increase compared to December 2023.
These results are largely explained by the growing development of unconventional resources in the country, marking a significant change in the Argentine energy landscape. The transition is oriented towards an approach of freedom and prosperity, moving away from a regulated and centralized system, and promoting the export of hydrocarbons within a framework of economic stability.
