France's TotalEnergies vows to invest nearly US$10 billion in Argentina
Energy giant plans major investments in Vaca Muerta and offshore projects, including US$1.5-billion 'Alberdi' development named after one of Milei’s political idols. Leer más
TotalEnergies, the French oil and gas conglomerate, has pledged to inject nearly US$10 billion into Argentina's energy sector over the next few years, according to their chairman and CEO Patrick Pouyanné. This monumental investment will primarily focus on the Vaca Muerta shale formation and offshore ventures, as announced during President Javier Milei's visit to Paris for the 'Argentina Week' investment roadshow.
Pouyanné met Milei beforehand to discuss these plans, with the pair agreeing to name the offshore development 'Alberdi' in honor of Juan Bautista Alberdi, a key figure in Argentina's 1853 Constitution and a political role model for Milei. In Neuquén Province, the company plans to boost gas output at the Aguada Pichana project and develop the San Roque oil field in the Vaca Muerta region, which could entail around US$5 billion in investment.
TotalEnergies has already sunk almost US$6 billion into Neuquén over the past decade and aims to augment gas production to 16 million cubic meters per day. The company presently holds the title of Argentina's leading natural gas producer, contributing roughly a quarter of the nation's supply. Pouyanné praised Milei for opening doors to fresh investment, acknowledging the steps taken to enable companies to repatriate dividends and benefit from tax and regulatory advantages under the RIGI investment incentive scheme.
TotalEnergies has been actively engaged in Argentina for nearly five decades, with a significant presence in the Vaca Muerta shale field and offshore operations in Tierra del Fuego.
Written by urgent.news from Buenos Aires Times's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
