The proven reserves totalize 48.9 million cubic meters of crude oil and 15 million cubic meters of gas.

The hydrocarbon activity, strategic at global level, has an important impact on the provincial economy. It contributes 21% of the GGP.

The oil exploration and production activities of the Province increased substantially at the beginning of the 90s, coinciding with the deregulation and privatization processes that the national government fostered in the sector. Nowadays there are 17 oil companies exploiting 46 concessions, among them multinationals such as Repsol YPF (Spain), Petrobrás (Brazil), Vintage-Alberta (Canada), Chevron-Texaco (USA); and about the same quantity of Argentinean and local companies.

Evolution of the Oil and Petro-chemistry Sector, 2002=100

Mendoza has 37 exploitation areas and other 20 areas are being explored.


Well drilling has been increasing:

 After the discovery of large gas reserves in the area of Chiuido de la Salina, gas production has substantially grown:

	Leasing of New Areas.  There are 12 new areas under leasing process. The companies which are competing for them include national and international firms such as Total Austral, Petroandina, Terra Energy Corp., Petrobrás, Winthershall, Tecpetrol, Repsol YPF and Occidental Argentina.

Petro-chemistry

The Province hosts the third largest refinery in the country -property of Repsol YPF- 20 km from the City of Mendoza. This plant refines a fifth of the Argentinean oil and an important portion of the oil products which are used in the Western and Central areas of Argentina.

The petro-chemical pole has strongly attracted investments in technology, and it has generated all around an industrial cluster with the purpose of meeting the growing needs of supplies and capital goods of such industries.