Vaca Muerta Sets Production Record at 874,000 bbl/day; LNG Export FID Targeted for H2 2026

Argentina's Vaca Muerta shale formation reached 874,000 barrels of oil per day in February 2026 — a 15.8% year-on-year increase, with Vaca Muerta supplying 68.4% of national oil output. Gas production hit 139.5 million m³/day, the highest in 21 years. YPF, Eni, and XRG are targeting a Final Investment Decision in H2 2026 for a 12 MMtpa LNG export facility. The Vaca Muerta Sur pipeline — backed by Chevron, Shell, and five other majors — is 10% complete, targeting 180,000 bbl/day takeaway capacity to the Río Negro Atlantic coast. Energy exports are now Argentina's primary driver of reserve accumulation, with a projected 2026 energy trade surplus above $14 billion.