Latin America · ARG
Argentina
Vaca Muerta is the shale story outside North America. The macro still gets in the way of the geology.
Oil production
0.8 mb/d
0.7 mb/d demand
Net oil
+0.1 mb/d
Near balance
Gas production
42 bcm
Net -2 bcm
O&G rent
2.1%
Fiscal breakeven $50
Oil balance
Production versus demand, 2025, million barrels per day.
Gas balance
Production versus demand, 2025, billion cubic metres.
Proven oil
3 bn bbl
Gas reserves
0.4 tcm
Refining
0.6 mb/d
LNG
2 bcm import
Hydrocarbon mix
Oil versus gas in this country’s oil-and-gas demand (oil-equivalent).
- Oil31%
- Gas69%
Economy
Dollarised energy capex in a peso economy. LNG export trains are the 2030s upside. Winter gas imports should fade if pipelines keep pace with Neuquén.
- GDP
- $0.7 tn
- Population
- 46.0 m
- Oil intensity
- 0.4 bbl /$1k
- Oil & gas rent
- 2.1% GDP
- Hydrocarbon trade
- 0.4% GDP
- Fiscal breakeven
- $50 /bbl
- $30 oil shock
- +1.7 pp GDP
- Club
- Independent
Projected oil demand
Regional IEA WEO 2025 oil pathways applied to this country’s 2025 baseline. STEPS 2035 demand 0.8 mb/d (net +0.3) versus NZE 0.5 mb/d (net +0.1).
| Scenario | 2025 | 2030 | 2035 | 2050 |
|---|---|---|---|---|
| Stated Policies | 0.7 | 0.7 | 0.8 | 0.8 |
| Net Zero 2050 | 0.7 | 0.7 | 0.5 | 0.2 |
| Current Policies | 0.7 | 0.8 | 0.8 | 0.9 |