Argentina energy surplus, Vaca Muerta oil production, Argentina oil exports, natural gas Vaca Muerta, energy trade surplus, Argentina oil companies, Vista Energy, Pan American Energy, Argentina energy growth, Vaca Muerta production increase
Argentina Achieves Energy Surplus Thanks to Vaca Muerta, Now Producing 58% of the Country's Oil
In a major milestone for Argentina’s energy sector, the country has reached an energy surplus, driven largely by the Vaca Muerta shale formation. As of April 2025, Argentina produced an average of 751,158 barrels of oil per day, with Vaca Muerta contributing 58.84% of this total. This growth is a testament to the critical role Vaca Muerta continues to play in Argentina’s energy recovery and economic stability.
Vaca Muerta’s production in April 2025 did see a slight dip of 1% compared to March, averaging 441,967 barrels daily. However, when compared to April 2024, production increased by 21.6%, highlighting its rapid growth over the past year. This uptick is supported by the operation of 4,068 wells, a jump of 53 wells from the previous month.
Key Operators and Leading Wells
Vista Energy remains at the forefront of production, with its Bajada del Palo Oeste well producing 3,717 barrels per day. Other notable operators include Total Austral S.A. and Pluspetrol S.R.L., with wells in La Escalonada and Bajo del Choique producing 2,531 and 1,819 barrels daily, respectively.
Natural Gas Production: A Slight Decline with Positive Trends in Vaca Muerta
Argentina’s natural gas production averaged 136,721 cubic meters per day in April 2025, reflecting a 2.4% decrease year-on-year. However, Vaca Muerta’s gas output saw a 3.8% month-over-month increase, reaching 69,325 cubic meters daily. This represents a 7.3% increase over the previous year. Notable gas wells include those operated by Pampa Energía S.A. in Sierra Chata and Pan American Energy in Aguada Pichana Oeste.
Energy Surplus Boosts Argentina’s Economy
The surge in production from Vaca Muerta is not only reflected in output but also in Argentina’s fiscal performance. The country reported an energy trade surplus of USD 573 million in April, with a total surplus of USD 2.684 billion in the first four months of the year. This marks a pivotal shift, with energy exports now surpassing imports, reinforcing the sector as a vital source of foreign currency for the nation.
Pan American Energy’s First Quarter Results
In the first quarter of 2025, Pan American Energy reported revenue of ARS 1,365,445 million, reflecting a 40% increase from the same period the previous year. However, the company also faced rising costs, with its cost of sales growing by 79%, which led to a contraction in its gross margin from 36% to 17%. Despite this, the company’s EBITDA for the period was ARS 251,699 million, although it experienced a real decline of 43.8% compared to Q1 2024.
Looking Ahead: Argentina’s Energy Landscape
Argentina’s continued growth in oil and gas production, particularly from Vaca Muerta, positions the country as a key player in the global energy market. As the country strengthens its energy self-sufficiency, the sector remains a cornerstone of its economic future, both in terms of exports and energy security.
Summary
Argentina's energy sector has reached a significant milestone, achieving an energy surplus, with Vaca Muerta now accounting for 58% of the country's oil production. This growth has contributed to a trade surplus in energy, marking a key moment in Argentina’s energy independence. Despite challenges, the sector continues to expand, securing Argentina's position as an energy exporter.
