The main indicators that showed the works in Vaca Muerta during the beginning of the year were varied and while some were at unprecedented levels, there were others that did not meet the expectations of the sector. In general terms it looks an intense level of activity in the oil segmentand not so much in the case of gas.
The latest available data reflecting the activity of unconventionals in Neuquén account for an interannual increase in the number of fracture stagesas well as the production of crude oil shale. At the same time, a good level is seen in the connection of new wells of shale oil.
By contrastlow activity is seen in the gas segmentwith few companies completing wells shale. Besides the commissioning of new wells in the segment was practically nil. In terms of production, both in the leading province of the developments of shale, as in the country, it remained balanced.
The new wells added by Vaca Muerta
According to the latest data available from the National Energy Secretariat, which were compiled by the consulting firm Economía y Energía, During the first month of the year, some 27 oil wells were put into production. shale in dead cow. Of that total, only 3 were for gas, while the remaining 24 were in the oil segment.
- 27 wells
- they began to produce in Vaca Muerta during the first month of the year.
The 27 new wells that were added in January are equivalent to a 32.5% drop compared to December 40. While in year-on-year terms there is a jump of 80% over January 15, 2022.
The balance here is positive, since the first two months of each year show a drop in the connection of new wells compared to December. However, the year-on-year boost must be ratified in the coming months.
The most active start of the year in the formation
During the first two months of the year, oil companies and service companies made a total of 2,154 fracture stages, of which 963 were carried out in January and 1,191 in February. In the first month of the year there was a drop of more than 6% compared to December (1,026 stages), while in February it rebounded 16% over December and another 24% over January.
- 2.154
- Fracture stages were carried out between January and February of this year. It is the highest record for the analysis period.
The data comes from the monthly report prepared by the NCS Multistage country manager, Luciano Fucello.
The official numbers show that less than 28% of the fractures that were registered in the first two months of the year They were in the gas segment.
Two analyzes emerge from these data, one more encouraging than the other. The first is that the industry’s expectation was to maintain throughout 2023 a level close to 1,400 fracture stages, on average, per month. Something that for now has not been fulfilled.
However, this does not mean that the start of the year in terms of activity was bad, rather, on the contrary, it was the best start to the year for the shalein the history.
Between January and February 2022, lThe companies in the formation completed a total of 1,609 fracture stages and until then, it was the highest level of activity for unconventionals in Argentina. This did not last long and the fact is that the 2,154 stages in the first two months of 2023 are equivalent to a jump of almost 34%, compared to what was seen in the same period last year.
Record production in Neuquén and high in the country
According to the latest data from the National Energy Secretariat and the Neuquén Ministry of Energy and Natural Resources, oil production for January (latest data available) reached 315,340 barrels per day. Of that total, just over 285,000 barrels per day were from shale oilthat is, more than 91% of the barrels.
- 91%
- of the barrels that Neuquén produced during the first month of the year were from Vaca Muerta.
For the province head of the developments of shale it meant a new historical record, for the second consecutive month. While, at the national level, the more than 285,000 barrels of shale represented 45% of the country’s extractions.
Precisely, Argentina registered the best January in 16 years, reaching a total production of more than 626,500 barrels per day. In year-on-year terms, it amounted to a marked jump of almost 10%.
In the gas segment, Neuquén’s production was 81.24 million cubic meters per day (MMm3/d), a year-on-year jump of 0.66%. Of that total, some 50.75 MMm3/d were exclusive to Vaca Muerta.
While at the national level the extractions totaled 128.77 MMm3/d and a drop of almost 1% was rounded, compared to the 129.95 MMm3/d of January 2022.
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