Advanced Search

LatinNews Daily - 05 March 2021

Click here for printer friendly version
Click here for full report

In brief: Falling oil production in Argentina

*Argentina’s energy institute (IAE), an NGO that promotes effective use of energy resources, has estimated that the country’s oil production fell 5.3% in 2020 to 27.9m cubic metres. According to an IAE report, 2020 oil production was 18.3% lower than that registered in 2010, production levels not seen since the 1990s. In fact, an IAE report points out that there has been an overall downward trend in production in the last ten years. The report notes that while there were noticeable increases in 2018 and 2019, Argentina’s average oil production has fallen by 2% in the last decade. This fall in production is attributed to low levels of investment in the sector, in which successive Argentine governments have made regulatory changes in recent years that have often discouraged private investment. The IAE report comes after President Alberto Fernández announced this week that his government is drafting a new bill that aims to promote the development of the country’s oil industry by attracting more investment.