YPF President and CEO Horacio Marin announced this Friday that the oil company: In-house production of shale oil, or Vaca Muerta crude oil, exceeded 200,000 barrels per day, an 82% increase since December 2023.
This production jump Achieved and exceeded company forecasts at the end of Decemberwhich was expected to achieve around 190,000 barrels per day by that time, which will also contribute to the work of all operators who will soon permit new brands.
This is Argentina’s record for total oil production. It has been in place since May 1998, when the country extracted 853,000 barrels of oil. A point that has not been able to be overcome since then due to the decline of traditional resources.
The emergence of Vaca Muerta and unconventional development in the middle of the last decade made it possible to reverse the general decline of the Neuquen Basin until its collapse. Today we will talk about 7 barrels out of 10 barrels per dayThis leads to a new record that could be officially announced in the coming days when October’s numbers are released.
Records at YPF and Vaca Muerta
“When I took over YPF less than two years ago, our unconventional production was 110,000 barrels per day. Today, we celebrate what seemed like an ambitious goal that turned into reality: Shale oil production surpassed 200,000 barrels per day.” 82% growth strengthens leadership position I helped develop Vaca Muerta,” Marin said.
He explained that this record is the result of: Transforming the way your company operates. “We incorporate cutting-edge technologies such as real-time intelligence centers, artificial intelligence and predictive analytics, as well as continuous improvement methodologies such as the Toyota Well Project,” the oil company’s CEO explained.
According to consulting firm Economia y Energia, YPF has focused its production this year on developing three super-productivity areas: Roma Campana In September, it produced 86,000 barrels. bitter girl 68,000 barrels and South Vanduria Another 53,000 barrels.
However, the company just announced that it may be in development in other areas, such as blocks. Angostura Sur emerges as an exceptionally performing asset, establishing itself as the new focus of operations at the end of the formation.
This asset is of great strategic importance given that it is 100% owned by YPF under an unconventional interest with an expiration date extending to 2059. Extraction volume has increased 17x in the past 12 monthsfrom just 2,000 barrels per day in October 2024 to over 35,000 barrels per day last October.
Productivity and profitability
The industry isn’t just focused on producing more oil and gas. Developing a huge export project Cost reductions are underway to make the business more competitive in order to compete in new markets under conditions of price fluctuations.
In this sense, YPF is Increased drilling speed of wellsin its completion and relevance, the number of meters drilled per day, the number of fractures per month, new operating records in wells whose length already exceeds 8 kilometers, Technology development that enables autonomous and remote control.
In that context, The company has reduced its average extraction value by more than 40% over two years, from US$16 to US$9 per barrel of oil equivalent. (BOE) Year-over-year in the third quarter, the cost per unconventional barrel in the core of the formation was $4.
All this performance is mainly explained by the following reasons: Focusing YPF’s strategy and resources on unconventional areasThis implied that from the first quarter of 2024 it would face a process of disinvestment in so-called traditional mature areas and say goodbye to its presence in states such as Tierra del Fuego, Santa Cruz, Chubut and Rio Negro.
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