Argentine crude, gasoline export requests slide in March

Argentina published 32 crude oil and gasoline export authorization requests in March, down from 46 in February and 42 in January.

The bulk correspond to Medanito crude from the Neuquén basin, followed by output from the Golfo San Jorge, Austral and Noroeste basins, according to the federal energy department’s registry.

Argentina’s biggest oil producers, including state-controlled YPF, want to boost exports. Associated midstream debottlenecking projects are underway and more are planned, chiefly Oldelval’s Duplicar Norte and YPF’s Vaca Muerta Sur.

YPF is aiming to hit a shale oil production rate of 250,000b/d in 2027, with shale accounting for 80% of total crude output from 2025. Last year shale accounted for less than half of YPF’s total oil output of 243,000b/d. An associated goal is ramping up oil exports, which accounted for 7% of production last year compared with roughly 50% reported recently by fellow publicly traded Vaca Muerta unconventional hydrocarbons formation player Vista Energy.

Meanwhile, requests from 26 firms were published in March, down from 27 the previous month – with associated volume reaching 1.09Mm3 (million cubic meters), compared with 1.18Mm3 in February and 1.25Mm3 in January.

The bulk of March requests are for roughly 30-day periods in May-June.

Under a measure designed to ensure local demand is met, drillers looking to ship via the Atlantic first need to obtain the green light from the federal energy department to export. Oil is also exported to Chile via the 110,000b/d (17,488m3/d) capacity Otasa duct, linking the Neuquén basin to a refinery operated by national oil firm Enap. 

President Javier Milei is trying to ease state control over exports. An original attempt was included in his economic reform bill, which stumbled in congress. A draft of a revised version of the bill, which would give the department the ability to intervene, has been put into circulation.

National oil production was 106,000m3/d in March, compared with 100,000m3/d in the same month 2023, according to federal energy department data. 

Local consultancy Economía & Energía, in a March report, forecast Argentine oil exports would average 175,000b/d (27,822m3/d) this year, up 30% from 2023, when an average of 135,000b/d was dispatched, generating an injection of foreign currency into the economy of US$3.89bn. 

"During 2024, crude transport capacity expansions, both to the Atlantic and to the Pacific [Chile], carried out the previous year, could permit a substantial increase in the exports of crude compared with the average registered in 2023," the report states. 

Natural gas exports, piped chiefly to Chile, are expected to generate US$535mn this year, down from US$790mn in 2023.  

In recent developments, YPF said it was is working to offload by the end of the year 55 mature conventional fields. It has indicated that associated capex would be redirected into shale operations in Vaca Muerta, where two new core shale hubs are planned.

The company is eyeing national energy exports of US$30bn in 2030, by spurring oil sales abroad and beginning LNG dispatch.   

EXPORT AUTHORIZATION REQUESTS PUBLISHED IN MARCH

Shell Argentina: One request for 65,000m3 

Vista Energy: One request for 160,000m3

CGC: Two requests for a total of 120,000m3

Pluspetrol: One request for 55,000m3

Oilstone Energía: One request for 18,000m

ExxonMobil Exploration: One request for 36,000m3

CHNC: Two requests for a total of 240,000m3

Trafigura: One request for 15,000m3

President Petroleum: One request for 4,000m3

Pan American Energy: Three requests for a total of 190,200m3

Petróleos Sudamericanos: One request for 9,000m3

Chevron Argentina: One request for 20,000m3

Pampa Energía: One request for 5,000m3

Hattrick Energy: One request for 200m3

Pan American Sur: One request for 8,000m3

Tecpetrol: Three requests for a total of 88,000m3

YPF: One request for 14,000m3

Enap Sipetrol: One request for 16,000m3

GyP: One request for 4,000m3

Capex: One request for 5,000m3

Petrolera Aconcagua Energía: One request for 9,000m3

Roch: One request for 1,231m3

Secra: One request for 243m3

Crown Point Energía: One request for 1,562m3

Desarrollos Petrolero y Ganadero: One request for 700m3

Petrolera El Trébol: One request for 764m3