Weekly Report - 22 November 2005

ARGENTINA | Depletion horizon in sight for oil & gas industry. Argentina may have to start importing oil in 2007 and its reserves of oil and gas will run out just under a decade later predicts Carlos Cruz, coordinator of a congressional body on exploration and development of hydrocarbons. The big problem is that over the past decade there has been virtually no expansion of known reserves as the result of new discoveries. Proven oil reserves at the end of 2004 were put at 394m cubic metres, or 9.5% less than a year earlier, by the Instituto Argentino del Petróleo y del Gas. Oil reserves have been declining steadily since they peaked at 488m cu m in 1999. Last year Argentina produced 40.6m cu m, 5.7% less than in 2003. [1 cubic metre = 6.29 barrels]

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