Argentina to join LNG production club [LNG Condensed]
A lack of pipeline capacity within Argentina had slowed the development of Argentina’s giant shale play Vaca Muerta, which lies in the province of Neuquen in the southwest, but 2018 saw a big jump in output. Gas production increased by 193% over the year, alongside a 52% rise in oil output, as investment by Shell, Chevron and ExxonMobil kicked in. These rises were partly balanced out by a fall in conventional oil and gas production, including a 19% decrease in conventional gas output, but production in Neuquen as a whole reached 66.6mn m³/day, the highest figure since 2009.
Vaca Muerta holds an estimated 9.3 trillion m³ of shale gas, out of total national reserves of 24.3 trillion m³. This ranks it second worldwide after Eagle Ford, although some sources have suggested that it could be even bigger than the US field. A total of 34 licenses have been awarded on the Argentine find, of which just seven are thus far in development.
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The field will undoubtedly revolutionise the country’s gas industry, but it is important not to overestimate the contribution to national production that has already been achieved. Total gas production reached 132mn m³/day in October, of which shale gas accounted for 25mn m³/day, most of it on Vaca Muerta.
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Volume 1, Issue 2 - February 2019
> Japan: future uncertainty, but potential upside
> Which ship engine should a new ship owner shoot for?
> Argentina to join LNG production club
> Poland’s 2040 energy plan provides key role for LNG
> LNG Canada — a game changer for Canada’s gas industry
> Conference Report: EGC Vienna
and more!
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