2023-06-01 12:53:20 ET
Argentina's Vaca Muerta shale play could produce more than 1M bbl/day of crude oil by 2030 , more than tripling current production of 291K bbl/day and rivaling the Bakken or Eagle Ford formations in the U.S., consultancy Rystad Energy said Wednesday.
But Rystad also said such gains are possible only if Argentina can improve its capacity bottlenecks, needing to increase pipeline capacity to transport the crude, improve export terminal infrastructure to ship more overseas, and ensure it had enough drilling rigs.
Rystad estimated as many as 400 new wells could come online annually by 2030, with ~30 active rigs and an average drilling rate of 1.1 wells per rig per month currently.
Argentina's state energy firm YPF ( NYSE: YPF ) leads development in Vaca Muerta, but Shell ( SHEL ), Chevron ( CVX ), Exxon ( XOM ) and others also are active in the area.
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Argentina's Vaca Muerta could pump 1M bbl/day of crude by 2030, consultant says