Argentine province of Nequen hit a record oil output of 381,416 b/d in December amid developments at Vaca Muerta, according to local government cited by Reuters.

• Oil output in the province grew by 3.47% on the month in December, with total output in 2023 rising by 21.34% on the year.
• December’s gas production fell by 11.77% on the month but saw an overall increase of 2% in 2023 vs 2022.
• Vaca Muerta is the second-largest shale reserve in the world and the fourth-largest shale oil reserve. The formation is around the size of Belgium.
• Argentina is hoping that rising output from Vaca Muerta will turn the South American county into a net exporter of energy and help to boost its faltering economy.