Publications

Survey of Energy Resources 2007

Crude Oil and Natural Gas Liquids Country Notes

In terms of oil resources, Argentina lies in the middle ranks of South American countries, with a level of reserves which exceeds those of Colombia and Peru. The main oil-producing areas are the west-central areas of Neuquén and Cuyo-Mendoza, the Noroeste area near Bolivia in the north, the southern province of Chubut and the Austral area in the far south (including Argentina's portion of Tierra del Fuego). Offshore fields have been discovered in the San Jorge basin off Chubut province and near Tierra del Fuego.

Proved recoverable oil reserves at end-2005 are reported by the Secretaría de Energía as 349.1 million m³ (2 196 million barrels), a reduction of 11.4% on the end-2004 figure. Published assessments of proved reserves tend to come out slightly higher than the official level. The estimated level of additional recoverable oil ('probable reserves') is given by the Secretaría as 153.3 million m3 (964 million barrels).

Oil output rose strongly during most of the 1990s, but a decline set in at the end of the decade: production of crude oil and condensate in 2005 was down to 705 000 b/d plus about 90 000 b/d of gas plant NGLs. The Golfo San Jorge and Neuquina basins account for the bulk of oil production. A sizeable proportion of Argentinian crude is exported (25% in 2004).