Welcome to the first edition of this year's LatAm Energy Corner, a quarterly update on the intricate energy dynamics shaping Latin America. Our focus in this edition lands on Argentina, where we dive into the stellar performance of the Vaca Muerta shale play and the growth we anticipate in the coming years. Vaca Muerta has been in the spotlight for many, not only in the country but also outside. Vaca Muerta, as of 2024, represented about 55% of the total oil production in Argentina, with total gas production reaching similar levels. We have seen production grow year-over-year at a swift pace. From 2023 to 2024, production rose 27%, with gas production increasing 20%. Similarly, the number of wells drilled in Vaca Muerta is growing, with about 23% of growth attributed between 2023 and 2024. We believe Vaca Muerta will continue this fast-paced growth since operators are heavily invested in this region.

Furthermore, we expect oil production in Vaca Muerta to reach 1 to 1.2 million barrels per day by 2030. There is a lot of potential for this play in the near future. Watch the update to learn more about our Vaca Muerta shale play outlook.