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Argentine oil export requests edge up in October, volume falls

Bnamericas Published: Wednesday, November 09, 2022

The number of oil and gasoline export requests published in Argentina rose month-on-month in October after dropping in September.

Argentina’s federal energy department published 31, up from 26 in September but down from 42 in August. 

The bulk of requests corresponded to roughly 30-day periods in November-January.

Vista Energy, which has previously said it was ramping up production and exports, accounted for the third month in a row for the biggest single request. Vista sought the green light to pipe 130,000m3 of Medanito crude from the Neuquén basin to Puerto Rosales in Buenos Aires province, from December 1 to December 31.

Oil dispatch capacity from the basin is strained. Midstream concessionaire Oldelval is executing a US$750m pipeline and pumping infrastructure project designed to double capacity to 72,000m3/d (452,866b/d) from 36,000m3/d, easing the dispatch bottleneck. In parallel, an export duct to Chile is being de-mothballed and expected to enter service next quarter.

Pipeline and storage investment, along with strong prices on the international market, is whetting the appetites of upstream firms. Argentina’s hydrocarbons production outlook is chiefly linked to the development of above-ground infrastructure to process and dispatch output. 

The country’s biggest province by production, Neuquén, said exports totaled 2.6 million barrels, or 30% of its output, in September. Neuquén’s overseas sales resulted in revenue of about US$220mn, with the average price US$85/b, higher than realized prices obtained in the domestic market, of about US$65/b.   

The three biggest Neuquén province exporters were Shell Argentina (678,000b), Vista Energy (500,000b) and Pan American Energy (499,000b).

Overall, requests from 24 companies were published in October, up from 21 in September and 27 in August, according to data from the federal energy department. The firms filed to export 716,649m3 oil and gasoline, compared with 1.05Mm3 (million cubic meters) in September and 1.32Mm3 in August.

NATIONAL AND NEUQUÉN BASIN PRODUCTION

Overall Argentine oil output averaged 95,800m3/d in September, up 1.7% month-on-month and 12.9% year-on-year, according to data in a General Mosconi energy think tank report. Unconventional oil output averaged 42,000m3/d, up 46.7% year-on-year. 

Almost all of Argentina’s shale oil and tight oil is produced in the Neuquén basin. Overall basin oil output was 58,100m3/d, up 26.6% year-on-year.

OIL EXPORT REQUESTS PUBLISHED IN OCTOBER

ExxonMobil Exploration Argentina: One request, for 20,000m3
Roch: Two requests, for a total of 7,435m3
Enap Sipetrol: One request, for 16,000m3
Oilstone Energía: One request, for 5,000m3
Gas y Petróleo del Neuquén: One request, for 2,000m3
YPF: Two requests, for a total of 20,900m3
Pan American Energy: Two requests, for a total of 105,000m3
PCR: One request, for 8,000m3
Refinería del Norte: Two requests, for a total of 16,000m3
Sinopep: Two requests, for a total of 90,000m3
President Petroleum: One request, for 4,500m3
Compañia de Hidrocarburo No Convencional: One request, for 90,000m3
Vista Energy: One request, for 130,000m3
Pampa Energía: Two requests, for a total of 20,000m3
Petróleos Sudamericanos: One request, for 8,000m3
Shell Argentina: One request, for 35,000m3
Compañia General de Combustibles: Two requests, for a total of 60,000m3
Petrolera El Trébol: One request, for 892m3
Crown Point Energía: One request, for 1,823m3
Desarrollos Petrolero y Ganadero: One request, for 816m3
Secra: One request, for 283m3
Total Austral: One request, for 5,000m3
Pan American Sur: One request, for 20,000m3
Capex: One request, for 50,000m3

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