Market Size of Argentina Oil and Gas Upstream Industry
| Study Period | 2021 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| Historical Data Period | 2021 - 2022 |
| CAGR | 3.50 % |
| Market Concentration | Low |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Argentina Oil and Gas Upstream Market Analysis
The market for oil and gas upstream in Argentina is expected to record a CAGR of more than 3.5% during the forecast period.
The market was negatively impacted by COVID-19 in 2020. Currently, the market has reached pre-pandemic levels.
- Over the medium term, factors such as increasing natural gas consumption and the development of shale gas reserves are expected to boost the growth of the Argentinian oil and gas upstream market during the forecast period.
- On the other hand, as most of the fields are in the maturing phase, oil and gas production is expected to decline in the coming years.
- The country's government is focusing on increasing natural gas production, which is expected to create vast opportunities for oil and gas players in the future.
Argentina Oil and Gas Upstream Industry Segmentation
The upstream segment of the oil and gas industry contains exploration activities, which include creating geological surveys and obtaining land rights, and production activities, which include onshore and offshore drilling.
The market is segmented by location into onshore and offshore. The report offers crude oil production forecasts (thousand barrels per day) and natural gas production forecasts (billion cubic feet per day).
Argentina Oil and Gas Upstream Market Size Summary
The oil and gas upstream market in Argentina is poised for growth, driven by increasing natural gas consumption and the development of shale gas reserves. Despite the initial setbacks due to the COVID-19 pandemic, the market has rebounded to pre-pandemic levels. The government's focus on boosting natural gas production is expected to create significant opportunities for industry players. However, the maturity of most fields may lead to a decline in oil and gas production in the coming years. The onshore segment, particularly the Vaca Muerta shale formation, is anticipated to experience growth due to substantial investments from both domestic and international companies.
Argentina stands as the largest natural gas producer in South America, with vast shale gas reserves attracting foreign investments for exploration and production. The Neuquén Basin, along with other basins like Golfo San Jorge and Austral-Magallanes, holds significant potential for production expansion. While traditional fields have seen a decline in hydrocarbon production, the rise in shale and tight gas production has partially offset these declines. The market is moderately fragmented, with major players such as Equinor ASA, Chevron Argentina SRL, and ExxonMobil Exploration Argentina SRL actively participating in the sector. Recent investments and projects, including those by Vista Energy, Trafigura Argentina, and TotalEnergies SE, underscore the ongoing commitment to developing Argentina's oil and gas resources.
Argentina Oil and Gas Upstream Market Size - Table of Contents
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1. MARKET OVERVIEW
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1.1 Introduction
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1.2 Natural Gas Production Forecast in billion cubic feet per day, till 2027
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1.3 Crude Oil Production Forecast in thousand barrels per day, till 2027
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1.4 Recent Trends and Developments
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1.5 Government Policies and Regulations
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1.6 Market Dynamics
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1.6.1 Drivers
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1.6.2 Restraint
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1.7 Supply Chain Analysis
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1.8 PESTLE Analysis
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2. MARKET SEGMENTATION BY LOCATION
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2.1 Onshore
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2.2 Offshore
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Argentina Oil and Gas Upstream Market Size FAQs
What is the current Argentina Oil and Gas Upstream Market size?
The Argentina Oil and Gas Upstream Market is projected to register a CAGR of greater than 3.5% during the forecast period (2024-2029)
Who are the key players in Argentina Oil and Gas Upstream Market?
Equinor ASA, Chevron Argentina S.R.L., ExxonMobil Exploration Argentina S.R.L, YPF S.A. and Tullow Oil PLC are the major companies operating in the Argentina Oil and Gas Upstream Market.
