Argentina to Eclipse Colombia as Oil Production Growth Continues [Yahoo! Finance]
Petroleo Brasileiro S.A.- Petrobras American Depositary Shares (PBR.A)
US:NYSE Investor Relations:
investidorpetrobras.com.br/en
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Source: Yahoo! Finance
Vaca Muerta shale formation, which is forecast to reach 1 million barrels per day by 2030. The country's state energy major, YPF, is investing heavily in pipeline infrastructure, and the government is providing incentives to encourage investment in the play. In contrast, Colombia's government is prioritizing a shift to renewable energy, banning hydraulic fracturing, and planning a $40 billion energy transition, which may lead to increased reliance on energy imports, potentially from Argentina. Crude oil production in the Vaca Muerta shale formation in Argentina is about to hit 1 million barrels per day this decade. The forecast came recently from Rystad Energy, and on its heels came another forecast , from the EIA: Argentina will soon eclipse Colombia as the third-largest oil producer in South America. It's time for a new shale boom. Crude oil production in the Vaca Muerta play reached an all-time high of 400,000 barrels daily in the third quarter of this year, Rystad Energy wrote
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