Correction: Argentina's Oil Output to Drop 4.0-4.8% this Year
Below is the corrected version of a story that originally ran on June 21.
Oil production in Argentina this year is expected to drop 4.0-4.8% to nearly 231 million barrels compared to 2005, newspaper El Cronista reported, citing local consultancy IES Consultores.
In the first quarter of this year, oil output dipped 4.8%, the report said.
Production will continue to drop in part because of a lack of new investments and the sector's uncertain future, IES head economist Eduardo Alvarez reportedly said.
"The numbers do not surprise. The [declining] curve remains because we work in very exploited basins," former energy secretary Daniel Montamat added.
Spanish oil company Repsol YPF (NYSE: REP), which saw output drop 8.7% in 1Q06, was the top producer during the period, followed by local oil firm Pan American Energy, Brazil's federal energy company Petrobras (NYSE: PBR) and US oil major Chevron (NYSE: CVX). For their part, Chevron and Petrobras saw production fall 15% and 9.9% respectively, while Pan American Energy enjoyed a 1.3% increase.
Meanwhile, natural gas production rose 8.7% in the first three months of this year, with Repsol YPF the top producer, followed by Argentina's Total Austral and Pluspetrol, and Petrobras.
Visit BNamericas to access our real-time news reports, 7-year archive, Fact File company database, and latest research reports. Click here for a Free two week trial to our Latin America Oil & Gas information service.
- Oil May Bring 400,000 Jobs and $258B in Investments to Brazil (Jan 17)
- Petrobras Sells Rights in 37 Oilfields for $823MM (Nov 28)
- Brazil Subsea Pipeline Project Goes to McDermott (Nov 21)
Company: Total S.A. more info
- Saudi Aramco and Total JV to Hire SMBC to Advise on Funding (Jan 17)
- Deepwater Nigeria Field Starts Production (Jan 02)
- Total Spuds Well Offshore South Africa (Dec 27)
Company: Repsol more info
- Big Oil Reuses Platforms in Latest Cost-Cutting Trick (Nov 15)
- Sources: Spain's Repsol Hires Tanker For Iran's Pars Oil As Sanctions Loom (Jun 19)
- Total Signs Deal to Extend TFT Gas Field License in Algeria (Jun 11)
Company: Pluspetrol more info
- Government: Bids on Peru's Biggest Oil Block to Start in April (Mar 06)
- Pluspetrol Interested in Bidding on Peru's Biggest Oil Block (Feb 11)
- Argentina's Pluspetrol to Buy Apco Oil and Gas for $427 Million (Oct 03)
Company: Pan American Energy more info
- Pan American Energy to Invest $1.4B in Argentina this Year (Jul 14)
- Official: Argentina To Boost Crude Oil Output To 653,000 Bpd By 2025 (May 27)
- Pan American Energy to Invest $3.4B in Argentina from 2013-2017 (Dec 28)