Aconcagua increases output, now Argentina’s sixth-largest conventional crude producer

Argentina-based Petrolera Aconcagua Energía SA’s oil and gas output growth in 2023’s third quarter made it the sixth-largest conventional oil producer in the country with a total of 13,575 boe/d, the company said. Oil and gas production for the quarter increased 253% and 2,107%, respectively, compared with third-quarter 2022.

Sales during the quarter were $34 million, a 577% increase compared with third-quarter 2022, attributed to improved production. Cumulative sales for the 9-month period ending September 2023 reached $95 million, a 489% increase compared with sales in the same period in 2022, company founders Diego Trabucco and Javier Basso reported to the National Securities Commission.

Third-quarter capital expenditure (capex) was $81 million, a 22.7% increase over the $66 million budgeted. The company expects 2023 capex to total $100 million, given the increased third-quarter activity. 

In February of this year, Aconcagua reached a deal with Vista Energy SAB de CV to take over the operation of several Neuquén basin concessions, including Entre Lomas (Neuquén and Río Negro), Jarilla Quemada, Charco del Palenque, Jagüel de los Machos, and 25 de mayo-Medanito SE (Río Negro). It also gained control of gas transport concessions Entre Lomas and Jarilla Quemada, as well as crude oil midstream concessions for 25 de Mayo-Medanito SE.

In total, the concessions cover an area of 1,454 sq km with consolidated production of 10,600 b/d in 2022. As of Dec. 31 2022, accumulated reserves involved in the transaction amounted to 13.9 million bbl.