Drilling activity in Argentina has undergone a significant contraction, reflecting a crisis in the oil sector, with a 12% reduction in the total number of rigs in the last year, according to a report by the consulting firm Tecnopatagonia. The decline has been more pronounced in the conventional sector, with a drop of 31%, and in rigs dedicated to tight resources, which have decreased by 75%.
The Vaca Muerta formation, however, has shown greater resilience, with a slight increase of 1% in shale rigs. The decline in global hydrocarbon demand, combined with internal factors such as lack of investment and changing regulations, has had a strong impact on sector activity in Argentina.
Concern rests on the scarcity of rigs and the economic uncertainty surrounding Vaca Muerta, generating uncertainty about its future. It is expected that the definitive implementation of the RIGI for the oil sector may reverse this negative trend at the national level.
