Celebrations will be bittersweet this month when Argentina commemorates its hundredth year of oil production
. Although the industry has served Argentina well since oil
was first discovered in December 1907, reserves and production have been falling since output peaked at 890,000 barrels per day back in 1998.
While pessimists say the decline is irreversible as the prolific Neuquen and Golfo San Jorge onshore basins are declining, a number of industry experts – not to mention government planners – believe the country’s untapped offshore potential could boost the industry to new highs. Unfortunately, government control and a dearth of information on offshore blocks means their potential will not be known for years.
Source: Energy Tribune