Argentina Oil and Gas Upstream Market Report and Forecast 2025-2034

Argentina Oil and Gas Upstream Market Report and Forecast 2025-2034

Market Outlook

According to the report by Expert Market Research (EMR), the Argentina oil and gas upstream market size is projected to grow at a CAGR of 2.20% between 2025 and 2034. Aided by the growing energy demand and strategic government initiatives, the market is expected to grow significantly by 2034.

The upstream sector, which encompasses exploration, drilling, and production activities related to crude oil and natural gas, is poised for growth due to Argentina’s rich natural resource base and favourable investment environment.

The Argentina oil and gas upstream market growth can largely be attributed to the discovery of vast reserves in the Vaca Muerta formation. This shale field, located in the Neuquén Basin, is rich in both oil and natural gas, and has attracted significant attention from major international oil companies (IOCs) such as Shell, Chevron, and ExxonMobil. With improved extraction technologies and techniques, such as hydraulic fracturing and horizontal drilling, Argentina’s unconventional resources are expected to play a key role in meeting domestic energy needs and boosting export potential. This can enhance the Argentina oil and gas upstream market revenue in the coming years.

Additionally, the Argentine government’s commitment to enhancing the country’s energy independence and reducing reliance on imported energy has created a favourable environment for upstream market expansion. Incentives such as tax reliefs, infrastructure development, and regulatory support are expected to drive the Argentina oil and gas upstream market development over the coming years. In particular, the expansion of pipelines and transportation networks to facilitate the delivery of oil and gas from production sites to refineries and export terminals will be essential to meeting both domestic demand and export goals.

Several factors are contributing to the rapid expansion of the Argentina oil and gas upstream market expansion. This includes multiple technological advancements in extraction and drilling techniques which have enabled greater operational efficiency and reduced operational costs in shale production. Innovations such as hydraulic fracturing (fracking) and horizontal drilling have unlocked previously inaccessible reserves, making it economically viable to extract oil and gas from shale formations.

Despite the positive growth, the Argentina oil and gas upstream market share can be impacted by several challenges. One of the most significant hurdles is the volatility of global oil prices, which can impact production costs and profit margins. The global energy transition towards renewables also presents a challenge, as international markets gradually shift away from fossil fuels.

Additionally, the country faces infrastructure limitations that may impede the efficient transportation and export of oil and gas. The need for better pipeline networks, storage facilities, and export terminals is crucial to unlocking the full potential of the country’s upstream sector. While the government is investing in infrastructure development, the pace at which these projects are completed remains a concern.

There are substantial opportunities for the Argentina oil and gas upstream market growth. Moreover, Argentina’s push for energy independence is likely to spur continued investment in upstream activities, supported by policies that facilitate private sector participation. The development of new technologies for shale oil extraction, such as enhanced oil recovery (EOR), presents further opportunities for expanding production capacity. This is expected to favourably impact the Argentina oil and gas upstream market dynamics in the coming years.

The country’s abundant reserves, particularly in the Vaca Muerta formation, offer vast untapped potential for exploration and production. Argentina is well-positioned to become a significant player in the global oil and gas market, especially with the growing demand for energy in Latin America and beyond.

The Argentina oil and gas upstream market is set for significant growth in the coming years, driven by vast natural resources, advanced extraction technologies, and favourable government policies. With the continued development of the Vaca Muerta shale and other reserves, the market is expected to play a key role in both domestic energy production and global exports. However, challenges such as infrastructure limitations and global oil price fluctuations must be managed to ensure sustainable growth. As the country works towards achieving energy independence, the Argentina oil and gas upstream market outlook presents substantial opportunities for growth and investment.

Market Segmentation

The market can be divided based on location.

Market Breakup by Location

• Onshore
• Offshore

Competitive Landscape

The EMR report looks into the market shares, plant turnarounds, capacities, investments, and mergers and acquisitions, among other major developments, of the leading companies operating in the Argentina oil and gas upstream market. Some of the major players explored in the report by Expert Market Research are as follows:

• Exxon Mobil Corporation
• BP plc
• Chevron Corporation
• TotalEnergies SE
• Equinor ASA
• Tullow Oil plc
• Techint Group
• Pan American Energy S.L
• Others

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*We at Expert Market Research always strive to provide you with the latest information. The numbers in the article are only indicative and may be different from the actual report.