Drilling in the Vaca Muerta
Argentina’s upstream surge catches the attention of US shale
E&Ps are increasingly looking to the Vaca Muerta as regulatory certainty, high oil prices, growth opportunities and imminent midstream additions boost the investment landscape
After years of midstream gridlock, upstream activity in Argentina’s Vaca Muerta is finally booming and poised to attract significant investment from the US shale sector. Last year, domestic production averaged 793,000b/d and in 2026 is set to top 1m b/d as high oil prices drive capex spend. “Argentina's oil production could exceed 950,000b/d by year-end, following the historical growth trend of approximately 100,000b/d annually from February's record 874,000b/d,” said Pietro Ferreira, senior research analyst, Latin American upstream at consultancy Wood Mackenzie. “Companies have budgets in place, but drilling activity could accelerate given rising oil prices, potentially pushing output bey
Also in this section
24 April 2026
The European Commission’s response to the Middle East crisis is to double down on its transition strategy, with plans for a new target on electrification
24 April 2026
A major new discovery by Eni and BP that can likely be fast-tracked to production is welcome news for Egypt as it scrambles to plug a widening supply gap and deal with rising import risks
24 April 2026
Countries in the region are turning to the cleaner-burning fuel for power generation, driving demand for imports
24 April 2026
The US has used booming shale production to massively expand its LNG infrastructure, but Canadian developments have not fare so well while in South America consumption outstrips production
