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Vaca Muerta como Pilar de Estabilización Económica en Argentina La rentabilidad del sector energético en Argentina se encuentra bajo presión, pero Vaca Muerta se mantiene competitiva, incluso con la caída del Brent. A medida que el equilibrio fiscal comienza a consolidarse, el verdadero desafío del país radica en la sostenibilidad del frente externo. En este contexto, Vaca Muerta, el litio y el cobre se presentan como los pilares de una estrategia a largo plazo, según un análisis de Moodys Ratings .
Durante una reciente presentación sobre la situación económica y el futuro de la industria del petróleo y gas en Argentina, se destacó que las principales agencias calificadoras han comenzado a reconocer mejoras graduales en los indicadores económicos del país. Sin embargo, advierten que la verdadera prueba para Argentina está en lograr una consolidación duradera de las finanzas externas . En este marco, el sector energético y la minería emergen como motores clave para sostener la acumulación de divisas sin depender de ingresos extraordinarios o financiamiento multilateral.
Rentabilidad bajo presión: el Brent cae, pero Vaca Muerta se mantiene competitiva. Desafíos y Oportunidades para el Sector Energético Jaime Reusche, vicepresidente de Moodys, afirmó que el ajuste pendiente es el externo. Aunque reconoció que el equilibrio fiscal actual es más sólido que en experiencias previas, el diagnóstico de Moodys es cauteloso. La balanza comercial, que presentaba un superávit en 2021, se deterioró en 2022 y atravesó una crisis en 2023 debido a la sequía. Aunque la recuperación agrícola en 2024 mejoró el saldo comercial, no fue suficiente para evitar una nueva caída en las reservas internacionales.
Reusche señaló que el Gobierno recibió dos shocks de adrenalina que ayudaron a compensar desequilibrios: el blanqueo de capitales, que atrajo aproximadamente u$s20.000 millones, y un nuevo tramo de financiamiento del Fondo Monetario Internacional (FMI), que ya giró unos u$s12.000 millones y prevé desembolsos adicionales. No obstante, estos ingresos no sustituyen la necesidad de contar con una fuente genuina y sostenida de dólares.
Vaca Muerta: El Pozo de Dólares Reusche enfatizó que la gran ancla para sostener el ajuste externo no es el FMI ni las ayudas financieras, sino los recursos naturales. Vaca Muerta y el sector extractivo son vistos como el verdadero pozo de artillería que Argentina necesita para enfrentar los desafíos de la balanza de pagos. Argentina es rica en recursos naturales, con un enorme potencial en exportaciones energéticas y mineras. Según se estima, hacia 2030 estas actividades podrían aportar alrededor de u$s45.000 millones adicionales por año en exportaciones.
En el ámbito de los hidrocarburos, Reusche destacó que las reservas probadas están disponibles y que el desarrollo de la infraestructura en Vaca Muerta será crucial no solo para consolidar el superávit comercial, sino también para mejorar la competitividad del país. Sin embargo, advirtió que un tipo de cambio excesivamente apreciado, impulsado por el ingreso de capitales y reacomodamiento macroeconómico, podría frenar este proceso.
Perspectivas de la Industria Energética Martina Gallardo Barreyro, vicepresidenta y analista Senior de Moodys, destacó que hoy es un momento clave para el desarrollo sostenible de Vaca Muerta, que representa una gran oportunidad para el país. El potencial del yacimiento no convencional es extraordinario; mientras el consumo interno de crudo ronda los 500 mil barriles por día, Vaca Muerta ofrece reservas para 100 años a ese ritmo. En el caso del gas, el potencial alcanza los 200 años de consumo local.
Gallardo Barreyro analizó que las empresas líderes del sector tienen balances sólidos y poco apalancamiento, con una deuda neta/EBITDA menor a 2, e incluso menor a 1 en muchos casos. A pesar de que el endeudamiento total creció, fue gracias al aumento en la inversión de capital, que pasó de u$s4-7 mil millones a más de u$s10 mil millones en los últimos años.
Condiciones Competitivas en Vaca Muerta Desde Moodys se explica que el sector energético argentino se divide entre convencional y no convencional. En el convencional, el costo de extracción ronda los u$s20 por barril, lo que crea una alta dependencia del peso argentino. En cambio, en Vaca Muerta, los costos de extracción están por debajo de los u$s5 por barril, lo que permite rentabilidad incluso con precios bajos del Brent.
Finalmente, se destacó que empresas como Vista han experimentado un crecimiento sólido, aumentando su producción de 24.000 barriles por día en 2018 a 80.000 en la actualidad, gracias a las inversiones en Vaca Muerta. El interés inversor, tanto local como internacional, se mantiene alto, lo que refuerza la posición del sector energético argentino en el mercado global.
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