Argentina could overtake Guyana in South American oil race

(Kaieteur News) – Argentina’s accelerating oil production could challenge Guyana’s position among South America’s leading petroleum producers, with new estimates suggesting the South American nation could overtake Guyana to become the region’s third-largest liquids producer by 2028.

The projection, reported by Reuters on Friday, comes as US oil giant Chevron moves to accelerate development of Argentina’s Vaca Muerta shale formation, drawing on techniques that helped transform production in the United States’ Permian Basin.

According to Wood Mackenzie estimates cited by Reuters, Argentina is expected to average 910,000 barrels of oil equivalent per day in 2026, a 42 per cent increase from 2023. Chevron is also seeking government approval for a proposed US$13.8 billion investment programme spanning 30 years at its El Trapial block.