Argentina's Vaca Muerta Shale Formation Hits Record Oil Production
Argentina's Vaca Muerta shale formation has hit new heights, with oil production reaching an all-time high of 1.17 million barrels per day in May.
This marks a 0.6% increase from April and a nearly 19% jump compared to the same month last year, according to official data from Argentina's Ministry of Economy.
Natural gas production also surged to 7.4 billion cubic meters, reflecting continued growth in unconventional drilling, as reported by energy news site OilPrice.com.
The expansion is driven by Vaca Muerta, which contains an estimated 308 trillion cubic feet of shale gas and 16 billion barrels of oil.
Operators point to several competitive advantages, including thick shale layers, high reservoir pressure, and high organic content, allowing wells to remain productive for longer periods.