Argentina’s Vaca Muerta huge shale formation hit record shale gas production in May at 57.3 million cubic meters per day, the country’s government said on Friday.

The figure represents a 10.7% increase compared to the same month the previous year, the economy ministry said in a statement.

The Vaca Muerta shale formation is the world’s fourth-largest shale oil reserve and the second largest for shale gas. It represents a major source of both domestic energy and foreign exports for the South American country going forward.

The shale formation’s May oil output, meanwhile, grew 26.2% year-on-year to reach 295,900 barrels per day.

Vaca Muerta wells pumped 46% of the country’s total oil production and 41% of total natural gas production.

Oil companies operating in the formation have been ramping up output from Vaca Muerta in recent months, which officials hope can eventually reverse the country’s longstanding energy deficit.
Source: Reuters (Reporting by Maximilian Heath; Writing by Carolina Pulice; editing by Diane Craft)