Economic map of the province of Chubut
Economic map of the province of Chubut.
Chubut's economy, for a long time one of the most prosperous in Argentina, is one of the country's least diversified. Nearly one-quarter of its 2006 output, estimated at US$4.652 billion (or a per capita income of US$11,256), is generated by mining and petroleum. This sector's contribution (mostly centered around Comodoro Rivadavia) helped give Chubut the nation's fourth-highest per capita output in 2011, US$25,250.[citation needed] Petroleum refining is the main economic activity of the province; it generates 13% of Argentine oil production (mostly off-shore). On May 21, 2014, Miguel Galuccio of YPF and Chubut Governor Martin Buzzi announced the first unconventional oil and gas discovery in Chubut from a fracked well in the Early Cretaceous D-129 formation of the Golfo San Jorge basin. Chubut produces 21% of the nation's fish catch.
Sheep ranching, though less than half as productive in the 21st century compared to as recently as 1990, remains important at the local level. The advent of synthetic replacements to wool after World War II battered the sector. It declined further because of Argentina's political instability and damage from natural disasters. Wool production has risen since 2002, however, and totaled 71,000 tons in 2006.
Tourism is also a growing industry. The main attractions are Peninsula Valdés and other marine wildlife reservoirs such as Punta Tombo and Punta Ninfas, with right whales, eared seals, elephant seals, penguins, orcas and many other animals. At the Punta Tombo site there is one of the largest breeding areas for the Magellanic penguin.
Chubut's economy, for a long time one of the most prosperous in Argentina, is one of the country's least diversified. Nearly one-quarter of its 2006 output, estimated at US$4.652 billion (or a per capita income of US$11,256), is generated by mining and petroleum. This sector's contribution (mostly centered around Comodoro Rivadavia) helped give Chubut the nation's fourth-highest per capita output in 2011, US$25,250.[citation needed] Petroleum refining is the main economic activity of the province; it generates 13% of Argentine oil production (mostly off-shore). On May 21, 2014, Miguel Galuccio of YPF and Chubut Governor Martin Buzzi announced the first unconventional oil and gas discovery in Chubut from a fracked well in the Early Cretaceous D-129 formation of the Golfo San Jorge basin. Chubut produces 21% of the nation's fish catch.
Sheep ranching, though less than half as productive in the 21st century compared to as recently as 1990, remains important at the local level. The advent of synthetic replacements to wool after World War II battered the sector. It declined further because of Argentina's political instability and damage from natural disasters. Wool production has risen since 2002, however, and totaled 71,000 tons in 2006.
Tourism is also a growing industry. The main attractions are Peninsula Valdés and other marine wildlife reservoirs such as Punta Tombo and Punta Ninfas, with right whales, eared seals, elephant seals, penguins, orcas and many other animals. At the Punta Tombo site there is one of the largest breeding areas for the Magellanic penguin.
