South America / GoM

Argentina flag
Summary | Profile

Country profile: Argentina

Location: Southern South America, bordering the South Atlantic Ocean, between Chile and Uruguay,0,0,0
Climate: mostly temperate; arid in southeast; subantarctic in southwest
Terrain: rich plains of the Pampas in northern half, flat to rolling plateau of Patagonia in south, rugged Andes along western border
Size: 2766890 sq. km total (Land area: 2736690 sq. km  Water area: 30200
Population: 40,677,348 (July 2008 est.)
Languages: Spanish (official), Italian, English, German, French
Government: republic
Capital city: Buenos Aires
Legal system: mixture of US and West European legal systems; has not accepted compulsory ICJ jurisdiction
Currency: Argentine peso (ARS)

Country profile

Argentina is one of South America’s largest economies. Argentina’s gross domestic product (GDP) grew by 8.4 percent in 2006 and 7.9 percent in 2007. This high level of economic growth has led to a corresponding increase in the demand for energy, especially natural gas. In contrast to the increase in demand, domestic production of oil and natural gas have stagnated and exports have declined. The imbalance between rising domestic energy demand and falling energy production has reportedly lead to sporadic shortages of electricity and natural gas, such as in June 2007, when the country experienced unusually-cold weather.

Energy production and consumption

Oil Gas
Production: 801,700 bbl/day (2005 est.) 43 billion cu m (2005 est.)
Consumption: 480,000 bbl/day (2005 est.) 38 billion cu m (2005 est.)
Exports: 367,600 bbl/day (2004) 6 billion cu m (2005 est.)
Imports: 21,650 bbl/day (2004) 1 billion cu m (2005)
Reserves: 2 billion bbl (2007 est.) 512 billion cu m (1 January 2006 est.)
Major fields:

Argentina - recent news

10 Jun 24
Argentina: Wintershall Dea announces start of development drilling at the Fenix gas field off the coast of Argentina
Wintershall Dea and its partners Total Austral, subsidiary of TotalEnergies in Argentina (operator), and Pan American Energy have commenced development drilling at the Fénix field, around 60 kms off the coast of Tierra del Fuego. Fénix is the largest natural gas field under development offshore Argentina and the project is on track for first gas end of 2024.
13 May 24
Argentina: GeoPark announces acquisition of working interest in four high quality adjacent blocks in world class Vaca Muerta
GeoPark, has signed an Asset Purchase Agreement with Phoenix Global Resources, a subsidiary of Mercuria Energy Trading, for the acquisition of non-operated working interest in four adjacent unconventional blocks in the Neuquén Basin in Argentina.
12 Apr 24
Argentina: GeoPark announces exclusive negotiations for unconventional blocks in Vaca Muerta in Argentina
GeoPark, a leading independent Latin American oil and gas explorer, operator, and consolidator, has announced that the Company has submitted a binding offer to acquire a non-operated Working Interest in unconventional blocks in the Neuquen Basin in Argentina.
14 Feb 24
Argentina: Wintershall Dea announces successful installation of Fenix Platform off the coast of Argentina
Wintershall Dea and its partners TotalEnergies (operator) and Pan American Energy have successfully completed the installation of the Fénix platform, around 60 kms off the coast of Tierra del Fuego, in 70 meter water depth. First gas is scheduled end of 2024.
28 Nov 23
Argentina: Wintershall Dea, YPF and Dow jointly explore carbon capture and storage potential in Argentina
Wintershall Dea, YPF, Argentina's national energy company, and Dow, a global materials science leader, signed a Memorandum of Understanding (MoU) to jointly assess potential carbon capture and storage (CCS) opportunities in Argentina.

Argentina - more news

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