Oil production in Argentina, which mostly comes from a
series of basins that run north-south through the west of the country,
peaked in 1998, and is projected to continue declining.
Gas production, from both associated and non-associated fields in the
same areas and also from offshore waters in the south, is flat and
unable to meet all the gas markets developing in the population centres.
Oil demand in Argentina declined from 1998 after the
country was beset by a serious recession but rose again rapidly from
2003 to 2008. A much lower rate of growth is forecast for the next few
years, especially as exports are declining year by year.
Gas consumption also declined after 1998 but picked up again in 2003.
Growth is likely to continue provided gas can be sourced from
neighbouring countries. Net imports are expected to begin in 2009 after
gas exports to Chile, Uruguay and Brazil all ceased.