The senior executive outlined both the challenges and the untapped potential within Argentina’s energy sector, emphasizing the country’s ability to leverage its abundant natural resources and technical expertise. He shared a forward-looking vision for how the region can position itself as a key player in the global energy market.

Ricardo Ferreiro, President E&P, spoke on the panel LATAM Upstream Competitiveness, moderated by Alejandra León, Associate Director of Strategy and Business Development at S&P Global. Also present were key industry leaders such as Gustavo Baquero, Executive Vice President and Managing Director at Harbour Energy; Sylvia Anjos, Executive Officer for Exploration and Production at Petrobras; and Margarita Pérez Miranda, CEO of PMI International trade.

Ferreiro shared valuable insights about the challenges and opportunities shaping the oil and gas industry in Latin America, analyzing how regional dynamics, along with the resilience and adaptability of local companies, have contributed to the sector's growth and competitiveness.

“We know the land, its history and culture, and how to develop resources by applying the world’s best practices,” he said. “Argentina’s crisis sharpened our edge—it pushed us to be faster, leaner, and more competitive than ever.”

Vaca Muerta: a turning point for Argentina

Ferreiro underscored the strategic importance of Vaca Muerta in Argentina’s energy future. “Vaca Muerta stands out for its productivity, the volume and quality of its hydrocarbons, and its ability to compete on a global scale,” he said. “With an average annual gas cost of USD 3.50 per million BTUs, Argentina offers a highly competitive environment for investment. We’re optimistic about what’s ahead as the opportunities are real and within reach.”

"Our most important development is in Vaca Muerta, and the learning curve has been steep, in the best way. At Fortín de Piedra, we started with deep, high-pressure wells that took 35 to 36 days to drill. Today, we’re doing it in just 16 to 17 days,” he explained. “We’ve gone from 3 to 4 hydraulic fracturing stages per day to 9 or 10. That kind of progress speaks volumes about the level of efficiency and innovation we’ve achieved.”

Ferreiro pointed to Argentina’s remarkable shift in energy production: “The country is now a net exporter. Just a few years ago, we were facing an energy deficit of $8 to $10 billion. Today, we’re exporting close to $5 billion in energy. That’s a major turnaround—and a big reason why there is consensus across the Argentine political spectrum regarding the energy sector."

He also acknowledged the operational challenges that come with seasonal demand swings. “Gas consumption jumps in the winter and drops in the summer. That forces us to plan for peak demand while managing excess capacity,” he explained. “But it’s also an opportunity. With more than a century’s worth of reserves, Argentina is uniquely positioned to become a long-term player in global energy markets.”

Regionalized energy

Looking at the broader regional landscape, Ferreiro emphasized the company’s strong presence across Latin America. “We operate from Mexico to Argentina and are actively exploring opportunities in every country where we have a footprint,” he said. “We’re particularly interested in bringing our shale development expertise to places like Mexico and Colombia. We are firmly committed to the region and to its long-term development.”

He also stressed the importance of staying competitive while adapting to local realities. “We may not have the same scale of resources as the U.S., but we’ve prioritized cost efficiency and operational optimization. By drawing on the expertise of service companies and maintaining tight control over production, we’ve been able to compete globally while maintaining quality production control.”

Looking ahead, Ferreiro sees Latin America playing a leading role in the world’s energy future. “This region has incredible potential, and our mission is to use our experience to drive innovation and growth. The energy transition may not unfold as fast as predicted, but it is coming—and that gives Latin America a window to further develop its resources and position itself as a key global player.”