Crude output down, gas production up in Argentina

Monday, November 28, 2016

Crude oil production in Argentina totaled 22.4Mm3 during the first nine months of 2016, down 3.2% compared with the same period of 2015.

Natural gas output, meanwhile, rose 5.2% to 33.7Bm3, data from the energy and mining ministry show.

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Neuquén province accounted for approximately half of the natural gas total, while Chubut province led oil production with 6.61Mm3.

Most new gas output in Neuquén has come from tight formations, with tight gas now accounting for a quarter of production in the Neuquén basin, according to research conducted by Wood Mackenzie.

Argentina's active drilling rig count stood at 69 as of October, down from 105 in year earlier, according to data from Baker Hughes.

National oil company YPF, the country's largest producer of both oil and gas, has said it plans to slash capital expenditure for a second straight year in 2017, due to an expected drop in oil prices in the domestic market.