Argentina Oil and Gas Upstream Market Size
| Study Period | 2021 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| Historical Data Period | 2021 - 2022 |
| CAGR | > 3.50 % |
| Market Concentration | Low |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Argentina Oil and Gas Upstream Market Analysis
The market for oil and gas upstream in Argentina is expected to record a CAGR of more than 3.5% during the forecast period.
The market was negatively impacted by COVID-19 in 2020. Currently, the market has reached pre-pandemic levels.
- Over the medium term, factors such as increasing natural gas consumption and the development of shale gas reserves are expected to boost the growth of the Argentinian oil and gas upstream market during the forecast period.
- On the other hand, as most of the fields are in the maturing phase, oil and gas production is expected to decline in the coming years.
- The country's government is focusing on increasing natural gas production, which is expected to create vast opportunities for oil and gas players in the future.
Argentina Oil and Gas Upstream Market Trends
This section covers the major market trends shaping the Argentina Oil & Gas Upstream Market according to our research experts:
Onshore Segment to Dominate the Market
- Argentina held an estimated 0.4 trillion cubic meters of proven natural gas reserves at the beginning of 2021.
- Most of the country's proven gas reserves are held onshore. There has been a general increase in gas production from these onshore fields, while the country's crude oil production witnessed a steady decline from 712 thousand barrels per day in 2010 to 627 thousand barrels per day in 2021.
- Vaca Muerta is one of the world's biggest onshore shale plays and has witnessed a growing interest from companies across the world.
- In November 2022, Pampa Energ铆a announced its plans to invest USD 550 million in 2023 to increase its unconventional gas production from the huge Vaca Muerta shale formation.
- Hence, the onshore segment is expected to witness growth due to growing investments in the onshore shale and conventional oil and gas fields of the country.
Development of Shale Gas Reserves to Drive the Market
- Argentina is the largest natural gas producer in the South American region, with more than 38.6 billion cubic meters of total gas production in 2021. According to the US Energy Information Agency, Argentina has an estimated 802 trillion cubic feet (tcf) of technically recoverable shale gas and 3,244 tcf of risked gas in place. Its technically recoverable resources are estimated to be second only to China. The humongous shale reserve in the country is attracting foreign investments for exploration and production, which is likely to drive Argentina's oil and gas upstream market.
- The majority of recoverable shale gas reserves are in the Neuqu茅n Basin. The Golfo San Jorge and Austral-Magallanes basins could also become significant areas of production.
- In June 2022, Energ铆a Argentina launched a tender for the construction of the Presidente N茅stor Kirchner gas pipeline to deliver the growing gas production from the Vaca Muerta formation.
- Even though the traditional fields have been reducing their production of hydrocarbons, the growth in Argentina's shale and tight gas production has partially offset declines in its natural gas production from traditional fields. Shale and tight gas production are expected to further increase during the forecast period.
- Natural gas production in the country has been growing steadily in recent years, from 34.5 billion cubic meters in 2014 to 38.6 billion cubic meters in 2021.
- The Argentinian oil and gas industry is expected to grow slightly during the forecast period due to the increasing gas production and rising investment in the country's gas sector.
Argentina Oil and Gas Upstream Industry Overview
The Argentinian oil and gas upstream market are moderately fragmented. The major companies include (in no particular order) Equinor ASA, Chevron Argentina SRL, ExxonMobil Exploration Argentina SRL, YPF SA, and Tullow Oil PLC.
Argentina Oil and Gas Upstream Market Leaders
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Equinor ASA
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Chevron Argentina S.R.L.
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ExxonMobil Exploration Argentina S.R.L
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YPF S.A.
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Tullow Oil PLC
*Disclaimer: Major Players sorted in no particular order
Argentina Oil and Gas Upstream Market News
- In October 2022, Vista Energy and Trafigura Argentina announced that the companies would invest around USD 150 million into the Vaca Muerta Shale formation. This announcement comes after the companies formed a joint venture in 2021 to jointly develop 20 wells in Vista's main oil development concessions in Vaca Muerta.
- In September 2022, TotalEnergies SE approved the final investment decision for the Fenix gas development project, located 60 km off the coast of Tierra del Fuego in southern Argentina. TotalEnergies operates the project with a 37.5% interest in partnership with Pan American Sur (25%) and WintershallDea (37.5%). The FID amount for the project is USD 706 million, which is expected to come online in 2025.
Argentina Oil and Gas Upstream Market Report - Table of Contents
1. INTRODUCTION
1.1 Scope of the Study
1.2 Market Definition
1.3 Study Assumptions
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET OVERVIEW
4.1 Introduction
4.2 Natural Gas Production Forecast in billion cubic feet per day, till 2027
4.3 Crude Oil Production Forecast in thousand barrels per day, till 2027
4.4 Recent Trends and Developments
4.5 Government Policies and Regulations
4.6 Market Dynamics
4.6.1 Drivers
4.6.2 Restraint
4.7 Supply Chain Analysis
4.8 PESTLE Analysis
5. MARKET SEGMENTATION BY LOCATION
5.1 Onshore
5.2 Offshore
6. COMPETITIVE LANDSCAPE
6.1 Mergers and Acquisitions, Joint Ventures, Collaborations, and Agreements
6.2 Strategies Adopted by Leading Players
6.3 Company Profiles
6.3.1 Equinor ASA
6.3.2 Chevron Argentina SRL
6.3.3 ExxonMobil Exploration Argentina SRL
6.3.4 YPF SA
6.3.5 Tullow Oil PLC
6.3.6 Pan American Energy LLC
6.3.7 TotalEnergies SE
6.3.8 Techint Group
- *List Not Exhaustive
7. MARKET OPPORTUNITIES AND FUTURE TRENDS
Argentina Oil and Gas Upstream Industry Segmentation
The upstream segment of the oil and gas industry contains exploration activities, which include creating geological surveys and obtaining land rights, and production activities, which include onshore and offshore drilling.
The market is segmented by location into onshore and offshore. The report offers crude oil production forecasts (thousand barrels per day) and natural gas production forecasts (billion cubic feet per day).
Argentina Oil and Gas Upstream Market Research FAQs
What is the current Argentina Oil and Gas Upstream Market size?
The Argentina Oil and Gas Upstream Market is projected to register a CAGR of greater than 3.5% during the forecast period (2024-2029)
Who are the key players in Argentina Oil and Gas Upstream Market?
Equinor ASA, Chevron Argentina S.R.L., ExxonMobil Exploration Argentina S.R.L, YPF S.A. and Tullow Oil PLC are the major companies operating in the Argentina Oil and Gas Upstream Market.
What years does this Argentina Oil and Gas Upstream Market cover?
The report covers the Argentina Oil and Gas Upstream Market historical market size for years: 2021, 2022 and 2023. The report also forecasts the Argentina Oil and Gas Upstream Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.
Argentina Oil and Gas Upstream Industry Report
Statistics for the 2024 Argentina Oil and Gas Upstream market share, size and revenue growth rate, created by 糖心vlog传媒鈩� Industry Reports. Argentina Oil and Gas Upstream analysis includes a market forecast outlook 2029 and historical overview. Get a sample of this industry analysis as a free report PDF download.
