April 8 (UPI) -- Argentina reached record oil production levels, with output climbing to 874,000 barrels per day, a 15.9% increase from a year earlier, a report by consulting firm RICSA ALyC states.
The study attributes the expansion largely to the development of Vaca Muerta, one of the world's largest unconventional hydrocarbon reserves.
Located in Neuquén province, the formation accounts for 68% of Argentina's oil production and 56% of its natural gas output. It has 4,470 active wells and continues to show steady growth.
The Neuquén Basin, the country's main producing area, represents 77.4% of national output and posted a 30.4% year-over-year increase.
Related
