According to the government of Argentina, domestic gas production reached a record high in June 2019 at 140 mcm/d, 5.8% more than in June 2018. Domestic crude oil production also grew for the 16th consecutive month to 497,000 bbl/d in June 2019 (+2.5% in June 2018).
Most of this increase comes from the higher gas production at the Vaca Muerta shale field (with estimated gas reserves at around 8,700 bcm and oil reserves at 16.2 Gbl). The growth in gas production enabled to boost exports, with exports to Chile ranging between 4.3 and 6.3 mcm/d in June 2019, and to cut the energy trade deficit, from more than US$1bn in the first half of 2018 to US$126m in the first half of 2019.
Argentina aims to spur gas exports to become a net energy exporter and the Ministry of Energy has announced that the export approval period would be reduced from 45 to 15 workdays, to facilitate gas exports.
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