Snapshot: Who sought Argentina oil export authorizations in June?

Hydrocarbons sector firms submitted 20 Argentine oil and gasoline export authorization requests in June, according to information from the country's federal energy department.

Combined, companies presented in June requests to export 720,000m3, up from 572,209m3 in June 2021. Attractive prices on the global markets are whetting appetites of exporters. 

The biggest were filed by Compañía de Hidrocarburos No Convencionales (CHNC), a Vaca Muerta shale play-focused unit linked to national oil company YPF and US player Chevron.

CHNC sought the green light to ship oil from the Neuquina basin via two requests, each for 90,000m3 (566,083b) of crude. One is for August, the other September.

In terms of March output from the basin, YPF produced 28,045m3/d, according to information from the federal energy department’s upstream production database. Loma Campana was YPF’s top asset, accounting for 10,223m3/d. Chevron Argentina reported 811m3/d, from the El Trapial-Curamched license.

The next-biggest request, meanwhile, was filed by Vista Oil & Gas, for 85,000m3 of crude in August, from the Neuquina basin. The company’s chief asset there is Bajada del Palo Oeste, accounting for 4,046m3/d of its basin output of 5,809m3/d in March. 

Overall, 51,635m3/d was pumped out of the basin in March. In comparison, the Golfo San Jorge basin produced 32,199m3/d, the Cuyana basin 3,017m3/d, the Austral basin 1,883m3/d and the Noroeste basin 712m3/d, giving a March total of 89,446m3/d.

Omar Gutiérrez, governor of Neuquén province, recently said 15% of the jurisdiction’s oil output was being exported. Neuquén sits over the biggest chunk of the Neuquina basin.

The federal government has tweaked sector capital controls rules via decree, enabling companies that increase oil and gas output from 2021 levels to generate hard currency revenue from a proportion of their new production.

A key objective of granting access to the forex market is to facilitate the import of specialist equipment needed to boost output, which would reduce reliance on foreign fuels and spur increased exports that, in turn, would help bolster the central bank’s depleted international reserves. Pan American Energy, which as of Monday was leading the July export request tally, with 182,000m3, is seen as likely benefiting first from the rule change. 

LATEST CONSOLIDATED PRODUCTION STATS

In a June statement, the federal energy department said that, nationally, overall oil output averaged 584,000b/d (92,848m3/d) in May, up 14% year-on-year. Unconventional oil output averaged 241,000b/d, up 57% year-on-year. Almost all of Argentina’s shale oil and tight oil is produced in the Neuquina basin, home to Vaca Muerta.

HYDROCARBONS EXPORTS

Hydrocarbons products exports of US$279mn were registered in May, down from US$326mn registered in May 2021.

The biggest exporter by value was Pan American Energy, accounting for around US$86mn. The company’s three biggest destinations by value were Brazil, followed by the Netherlands and the US. 

OTHER COMPANIES THAT FILED EXPORT AUTHORIZATION REQUESTS IN JUNE

Roch: 12,000m3 of crude in August

Total Austral: 20,000m3 of crude, from 15 July to 31 August

Oilstone Energía: 4,000m3 of crude in August

Pan American Energy: 18,000m3 of gasoline, from August 1 to September 15 

Pluspetrol: 40,000m3 of crude, from August 14 to September 5 

Petróleos Sudamericanos: 1,000m3 of crude in August

Refinería del Norte: 8,000m3 of gasoline in July

Tecpetrol: 55,000m3 of crude, from August 8 to September 8 

Tecpetrol: 45,000m3 of crude, from August 8 to September 8 

Sinopep Argentina Exploration and Production: 60,000m3 of crude, from July 16 to August 31 

Enap Sipetrol: 28,000m3 of crude, from July 1 to September 4 

Capex: 45,000m3 of crude in August

Trafigura Argentina: 7,000m3 of gasoline, from July 1 to August 6 

Wintershall Energía: 20,000m3 of crude in July

Petrolera Aconcagua Energía: 2,000m3 of crude in August

Shell Argentina: 80,000m3 of crude in August

Pampa Energía: 10,000m3 of crude in August

PICTURE CREDIT: Hugo Villalobos/NA/AFP