Tecpetrol boosts Vaca Muerta oil production by 500% with crypto mining

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News Team

Tecpetrol’s “Digital Mitigation” operation in Los Toldos Este is a new and innovative way to take advantage of natural gas. The CEO of Tecpetrol, Ricardo Markous, announced that they will be implementing a new strategy called “cryptoenergy” in Vaca Muerta by the end of 2023. This strategy involves mining cryptocurrencies to make use of the natural gas that is not being utilized.

The Los Toldos Este II operation is an oil exploration project that is not yet connected to gas pipelines or equipped with the infrastructure to process and transport the associated gas. In order to address this issue, Tecpetrol adopted the “digital venting mitigation” system. This system uses the gas associated with oil production that is not vented due to environmental and regulatory issues to produce energy and mine cryptocurrencies.

According to Markous, the implementation of this system has led to a significant increase in oil production at Los Toldos Este II. The production has gone from 50 to 300 cubic meters per day, which is a sixfold increase. Additionally, the use of unvented gas has contributed to a reduction in greenhouse gas emissions, specifically 11% less CO2 emissions compared to burning gas.

The operation in Los Toldos Este is the second largest crypto mining operation with flaring gas in the world. The environmental reputation of the hydrocarbons extracted in Vaca Muerta will be crucial for its international marketing. It is important to note that Latin America’s methane and methane flaring emissions associated with oil and natural gas account for 10% of the global total in 2022.

The International Energy Agency (IEA) has reported that the region’s proportion of methane emissions is higher than its share of global gas production and oil. In fact, several large producers in Latin America have high methane emission intensities. However, countries in the region have signed the “Global Commitment” to reduce methane emissions and are committed to eliminating routine flaring by 2030.

The “digital mitigation” operation is a partnership between Argentine company Unblock and US company Crusoe Energy Systems. The technology is based on the principle that moving data is easier than moving molecules. In addition to cryptomining, “digital mitigation” aims to process data and services in the Cloud to meet the computational processing demands of Artificial Intelligence.

In conclusion, Tecpetrol’s “Digital Mitigation” operation in Los Toldos Este is a groundbreaking approach to utilizing natural gas and reducing greenhouse gas emissions. This innovative strategy has the potential to revolutionize the oil and gas industry in Latin America and beyond.

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