RIO NEGRO, ARGENTINA (Camilo Ciruzzi, Energy Analytics Institute, 11.Mar.2025) — The American shale revolution, this time in Argentina, is picking up and kicking into high gear, with record-breaking fracking stages in Vaca Muerta over the past months.
Industry data shows over 2,000 monthly frac stages, a milestone that solidifies Argentina’s shale play as a key player in global energy markets.
The latest figures, compiled by NCS Multistage country manager Luciano Fucello, illustrate the sustained growth in unconventional operations since 2016. After a slowdown during the pandemic, activity rebounded sharply in 2021, and today’s numbers are surpassing historical highs.
Major operators driving surge
Leading the charge is Argentina’s state-owned energy giant YPF, alongside Vista, Chevron, ExxonMobil, Total, and Shell, among others. The growth is not just in the sheer number of fractures but also in efficiency, as operators optimize completion techniques and multi-well pad developments.
The shale fracking market is dominated by Halliburton, SLB (Schlumberger), Weatherford and Calfrac, handling the bulk of the operations. Halliburton alone performed over 500 frac stages last year, strengthening its foothold in the region.
This fracking frenzy is fueled by government-backed incentives like Plan Gas, which guarantees price stability for natural gas production, and new oil pipeline expansions, allowing more crude to be exported from Neuquén to international markets.
Tight gas and conventional plays
While shale is the dominant force, Argentina’s tight gas and conventional oil fields continue to contribute to the overall energy output. However, frac activity in tight gas fields has been declining since 2018, with major players like Pan American Energy (PAE), Total, and YPF scaling back operations in favor of shale projects.
On the conventional front, San Antonio, Halliburton, and Baker Hughes lead the fracking services sector, with operators like CAPSA, Pluspetrol, and President Energy keeping legacy assets productive. The latest data suggests a steady decline in conventional fracking, as companies shift investment to higher-yield shale plays.
2025 outlook: more records on the horizon
The gas pipeline expansion and increased oil evacuation capacity suggest even higher fracking numbers in 2025. Operators are ramping up drilling campaigns, with new rigs coming online and multi-stage hydraulic fracturing reaching peak efficiency.
If the current trend holds, Vaca Muerta could surpass 25,000 frac stages in a single year, setting a new benchmark for South America’s energy industry. The race is on to position Argentina as a global energy powerhouse, and the numbers prove that the country is serious about making shale work.
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By Camilo Ciruzzi reporting from Río Negro. © 2025 Energy Analytics Institute (EAI). All Rights Reserved.
