Oil in Argentina

Recoverable reserves394million tonnes

Production33.3million tonnes per year

Argentina has the largest natural gas industry in South America, although its lead has been decreasing in recent years given the strong growth of its Brazilian competitor. It is also estimated that Argentine shale gas resources are the third largest in the world, after USA and China. About 13% of Argentina’s 2011 natural gas was produced offshore and approximately 5% came from unconventional gas. The largest natural gas producing companies are Total and YPF which together account for about 50% of total production. Other companies with significant activities in the natural gas sector are Pan American Energy, Petrobras (Brazil), Pluspetrol (Argentina), Tecpetrol (Argentina), and Apache Energy (USA). Transportadora de Gas del Sur (TGS) is the leading natural gas transportation company followed by Transportadora de Gas del Norte (TGN).

Argentina is a net importer of natural gas, importing gas from Bolivia and exporting mainly to Chile and Uruguay. Exports of dry natural gas have dramatically fallen from its peak of 7.67 bcm in 2004 to 0.42 bcm in 2010. Argentina imported 21 LNG cargoes, or almost 1.1 million tonnes of LNG in 2010. Trinidad and Tobago accounted for nearly 90% of those imports, with the remainder arriving from Qatar. Argentine government tenders suggest that LNG imports doubled in 2011.

About 30% of natural gas produced in Argentina is used for power generation.

Note

Oil data represents Crude Oil only, for extra-heavy oil and oil shale please refer to the WER 2013 report oil chapter.