income from Hydrocarbon royalties in Río Negro were once once more the best facet of the industry. Despite the plateau that conventional activity is going through, the provincial government invoiced in average 953 million pesos per month during 2022.
The total net collection of the province was 11,400 million pesos. A record figure for Río Negro, with an interannual increase that exceeded 50%. The number is higher because the companies that renegotiated their concessions in 2015 contribute 3% more which is included as a complementary production contribution.
The charge for the exploitation of provincial resources is good news for municipalities and development companies that receive income from the co-participation of royalties: 15.8% of the total is spread among the Río Negro communes.
Those who receive the best income are the producing municipalities. The “small table” is made up of nine locations with Catriel as the main beneficiary. But Roca and Allen also receive significant income.
As has been the case for some years, cash growth is not linked to oil and gas production itself, since while extraction has been falling for yearsroyalties go up.
- 11.400
- million pesos totaled the income from royalties registered by Río Negro during the past year.
The dynamics of the activity is tied to the macroeconomics and the dollar exchange rate. These are the main reasons why oil income has been increasing since 2016. Last year it was more noticeable due to the increase in the value of the North American currency and the higher price of exported oil.
The final numbers are nearly double the figures for 2019 when 6,000 million pesos were raised. Until then it was the highest in the history of the province. It was precisely from that year that production began to suffer its worst productive decline.
It was linked to several indicators: from the remembered decree of freezing and pesification of prices promoted by the then president Mauricio Macri in August of that year, to the crisis for international value in the genesis of 2020.
Months later, the coronavirus pandemic broke out, affecting the entire production chain, a crisis for which the SME sector is still suffering the consequences.
The productive loss of Río Negro began a decade ago, but has suffered in recent years. Despite the attempts of the province, and of various operators, to pick up activity, the context was not conducive to such an end, which requires a significant investment. That is why several companies are interested in deepening the export that kicked off at the end of 2021.
Crude extraction went from 44,000 barrels per day in 2012 to just 22,500 in July 2022. Those numbers were maintained in the second half of the year.
Some businessmen active in Río Negro assure that it is necessary to better distribute the “cake” of Vaca Muerta to balance the industry which also needs the conventional one for many reasons, one of which is social since several towns in Río Negro have the hydrocarbons sector as the main engine of the economy.
The year of the unconventional tender
After two years of preparation, finally the past On January 9, the government of Arabela Carreras launched the tender with which the province will begin the development of its portion of Vaca Muerta. Through the Public Tender 01/22 of Hydrocarbon Areas in Río Negro, the sale of the bidding documents for the areas was opened this Wednesday North Confluence, South Confluence and Cinco Saltos Northall with shale potential.
The tender establishes that exploration permits will first be granted which, depending on their results and progress, may become concessions for the exploitation, transport and commercialization of hydrocarbons.
Of the three areas, two border on Vaca Muerta concessions that were granted by Neuquén, so there are good expectations for the contest whose Offers will be announced on March 15. at 12.
The development of these blocks will have a strong impact on the economy of the Alto Valle Oeste if the productive speculations in that area centered on the production of crude oil are confirmed.
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