Argentina's Vaca Muerta Shale Now Supplies Over 70% of National Hydrocarbon Output
Commodity
Argentina's Vaca Muerta shale formation now accounts for more than 70% of the country's oil and natural gas production, reshaping energy security across the Americas. In June 2026, total oil output reached 868,763 barrels per day, up 12.6% year-on-year, while natural gas production stood at 5.4 billion cubic feet per day. Shale oil comprised a record 71% of total petroleum output at 616,490 barrels per day, and shale gas made up 70% of natural gas output at 3.8 billion cubic feet per day. Conventional production continues to decline, with conventional oil falling 13% year-on-year to 252,273 barrels per day and conventional gas dropping 15% to 1.6 billion cubic feet per day. The Vaca Muerta, with an estimated breakeven price of $36 per barrel and technically recoverable resources of 16 billion barrels of oil and 308 trillion cubic feet of gas, is attracting foreign investment and transforming Argentina into a net energy exporter.
