Argentina aims to eliminate its need for crude imports while usincreasing domestic oil output to 653,000 barrels per day (bpd) in 2025, a 23 percent increase from 2015, an official from the Energy Ministry said.
The South American country is working to cover its energy needs after becoming a net importer three years ago due to falling crude and gas output amid a low investment environment.
To achieve that, it needs to boost local output to cut crude imports and start reducing costly purchases of liquefied natural gas (LNG) currently made through tenders on the open market and from neighboring Chile.
“We don’t believe in self sufficiency. We believe in supplying the country’s needs,” said Daniel Redondo, Energy Planning Secretary from the Energy Ministry, at a conference in La Jolla, California.
“Self sufficiency would imply to have an exportable surplus and that is not going to happen soon.”
