Vaca Muerta: a shale basin the size of Belgium.
The Neuquén basin hosts the world's second-largest shale gas reserve and fourth-largest shale oil reserve — an estimated 308 trillion cubic feet of recoverable gas and 16 billion barrels of recoverable oil. By 2024, Argentina had become South America's third-largest oil producer, with shale lifting costs among the lowest globally.
Output has expanded roughly tenfold in a decade. New pipelines (Vaca Muerta Norte, Trasandino reactivation, Vaca Muerta Sur) and the LNG export programme position the country as a net energy exporter through the 2030s.
- Less than 10%of the formation is under active development
- ~$9 billioninvested in Vaca Muerta in 2024 alone
- YPF · Shell · TotalEnergies · BP · Chevronamong active operators