According to the results recently presented by the company to investors, Medanito oil exports increased in the third quarter to a average of 40,000 barrels per day, which represents a growth of 37% compared to the second quarter and 111% compared to the previous period.
The volume exported by YPF represents 15% of the company’s total production and generated income of US$200 million in the quarterly period.
What are the main destinations of YPF oil?
The main export destination country was Chilithanks to the launch of Trans-Andean Oil Pipelineafter 17 years of being out of service.
Sales to that country are mainly made up of Vaca Muerta rawwhere the company increased its net year-on-year production by 36% in the third quarter.
In the case of oil Southern BasinIn addition to Chile, they join United States and Holland as destinations, in this case via maritime transport.
Record energy export figures (imports fall)
Argentina has already exported fuel and energy for US$6,407 million so far this yearwhich represents an increase of 25.5% compared to the same period in 2023. In terms of imports, in these eight months they totaled US$3,250 million, a drop of 47.5% year-on-year.
Furthermore, according to official data, Hydrocarbon production in August was the highest in the last 20 years. Last month, Argentina produced 719.3 thousand barrels of oil per day and 153 million m3 of gas per day. This means year-on-year growth of 14% and 6.3% respectively.
In the first eight months of 2024, Crude oil was the country’s third exported product. It currently represents 6.9% of Argentina’s total exports. It amounted to US$3,582 million, 54.6% more year-on-year.
YPF’s objectives: more wells
As reported YPF In a statement sent to Energy Reportthe company is carrying out this year one of the most important well campaigns in its history in the oil window, with the intention of increasing the production of the Neuquén Basin.
This objective is part of the 4×4 planwhich seeks to position YPF as an exporter of crude oil through strategic projects such as Vaca Muerta Norte oil pipelines and South.
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In fact, the team YPF Non-Conventional last week the drilling of the LLL-1861(h) well in Loma Campanaone of the main blocks that the company, with a lateral branch of 4,948 meters and a total length of 8,264 meters. This well, which was drilled in 27 dayshas the longest side branch of the Unconventional project in Dead Cow.
The latest official data from Neuquen point out that in September the Nequina Basin reached the 446,890 barrels per day of production 109.9 MMm3/d of gas. This level allowed the province to obtain hydrocarbon royalties for 1 billion pesos in the first nine months of the year, an improvement in real terms of 18% in September, compared to that same period of the previous year. Today 30% of oil production goes to the export market.
The two pipelines that allow YPF to lead the sector
Days ago the Vaca Muerta Northern Pipeline (VMON) enabled the first two tanks and the start-up of the water pumping system oilwhich will allow 160,000 barrels per day to be transported to Chili and to the Luján de Cuyo complex, in Mendoza, for refining.
The project is made up of a 151-kilometer pipeline, a pumping header and a tank farm with a storage capacity of 370,000 barrels.
The facilities are located in the La Amarga Chica field, north of Añelo and the final oil delivery point is the Sitio Hernández node, in Rincón de los Sauces. At this destination, the system connects to the Trans-Andean Oil Pipelinewhich brings crude oil to Chile.
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The project Vaca Muerta Southern Pipeline (VMOS) will involve an investment of US$2.5 billion and that by December 2026 the project will have a transportation capacity of 360,000 barrels of crude oil per day from the Neuquén basin.
As commented from YPFhe Vaca Muerta Southern Pipeline (VMOS) will have an impact on Argentina’s energy export platform and will generate a change in the productive matrix of the country with a pole similar to agriculture, but without its climatic risks.
The project, pioneering within the framework of Large Investment Incentive Regime (RIGI)consolidates Dead Cow as one of the most important unconventional deposits in the world, and will allow Argentina to become one of the main exporters in the region. “With this work the bottleneck of oil transportation is over, there are no more excuses, we must invest and produce”Marín urged.
Source: Ambito
