[REVISION HISTORY]

Argentina Vaca Muerta energy boom and economic divide

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2026-08-28 14:17 UTC → 2026-08-28 20:16 UTC · added ~~removed~~

Argentina’s Vaca Muerta shale basin continues to drive a historic energy surge. By mid-2026, crude output hit a record 903,700 bbl/day and natural gas production reached 5.4 billion cf/d, supporting a $6.99 billion trade surplus. The $3 billion VMOS pipeline has entered its maritime phase, with equipment moving to Río Negro for a 7 km submarine pipeline. First exports of 180,000 bbl/day are expected late 2026-early 2027, rising to 700,000 bbl/day in 2028. In July 2026, oil production reached a new historic record of 916,200 barrels per day, a 17.2% increase over July 2025. This growth was largely driven by the Vaca Muerta formation in Neuquén, which produced 643,100 barrels per day, accounting for over 70% of the nation's total crude output. Consequently, crude oil became Argentina's leading export product in the first half of 2026. Between January and July, crude oil exports totaled US$5,722 million, a 59.2% increase over the same period in 2025, representing 9.8% of total national exports. Energy and fuel exports in July saw a 97.8% year-on-year increase, totaling US$1,506 million, while energy imports fell by 7.3% to US$614 million, resulting in a monthly energy trade surplus of US$892 million. Natural gas production remained stable at 158.8 million cubic meters per day, with Vaca Muerta contributing 96.5 million cubic meters. To support expansion and export ambitions, the San Matias Pipeline consortium has secured a $900 million loan to construct a pipeline from Vaca Muerta to the Atlantic coast, aiming to facilitate large-scale LNG exports. YPF President Horacio Marín stated that the country is transitioning into a major oil player. He projected that by 2031, two out of every three barrels produced in Argentina could be destined for international markets, potentially driving annual energy exports toward US$58,000 million.

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