Argentinean shale output rising, but offset by mature field decline

摘要

Argentina saw its unconventional oil production shoot uprn33.3% in the first nine months of 2017, while shale and tightrngas output increased 26.5% over the same period, even asrnthe completion of wells declined, an industry group said inrnJanuary. Shale oil production averaged 42,941 b/d in thernfirst nine months of 2017, up from 32,216 b/d a year earlier,rnthe Argentina Oil and Gas Institute, or IAPG, said in a report.rnCompanies including US-based Chevron andrnExxonMobil, Argentina’s Tecpetrol and state-run YPF, andrnEurope’s Shell, Total and Wintershall are developing theirrnfirst blocks in Vaca Muerta, the country’s biggest shale play,rnand several tight plays. They are seeking to rebuild oil andrngas production in Argentina after years of decline asrnconventional reserves mature. Indeed, overall oil productionrnfell 7.2% to 476,440 b/d in the January-September periodrnfrom 513,261 b/d a year earlier, IAPG said.rnThe report, the latest data on unconventionalrnproduction by IAPG, shows that shale and tight gasrnproduction rose 26.5% to 31.3 million cu m/d in the first ninernmonths of 2017 from 24.7 million cu m/d a year earlier. Thatrnhelped compensate for dwindling conventional gas output,rnwhich took overall gas production down 0.6% to 122.3rnmillion cu m/d from 123.1 million cu m/d over the period,rnaccording to IAPG.rnThe increase in unconventional oil and gas productionrncame even as the completion of wells slowed 11% to 752 inrnthe January-September period compared with 848 in thernsame period of 2016, the data show.