Argentina Reports US$56 Billion in RIGI Approvals

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Written by Amir Richani for IIR News Intelligence (Sugar Land, Texas)

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Summary

Pluspetrol's Bajo del Choique - La Invernada project has been approved under the RIGI and aims to increase production to 100,000 barrels per day of oil. By October 1, US$56 billion in projects have been approved under the RIGI, while another US$150 billion are awaiting approval.

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New RIGI Approval

Argentina's Minister of Economy, Luis Caputo, said on X that Pluspetrol's Bajo del Choique - La Invernada hydrocarbon project had been approved under Argentina's Incentive Regime for Large Investments (RIGI), making it the latest oil and gas project to join the scheme.

The Bajo del Choique - La Invernada block, located in Vaca Muerta, is an operational asset acquired by Pluspetrol in 2024. By September 2025, the block was producing 15,000 barrels of oil per day (bpd), whereas by August of this year, it was producing more than 46,000 bpd. Meanwhile, natural gas production in August 2026 exceeded 2.5 million cubic meters per day (m³/d).

The project approved under the RIGI aims to exceed 100,000 bpd of oil production through the drilling of 620 wells, representing total investments of US$12.2 billion, according to Caputo. The Global Market Intelligence (GMI) Oil & Gas Production and Pipelines project databases offer detailed information on projects associated with the overall Bajo del Choique - La Invernada project.

In addition to Pluspetrol's project, the Rincon de Aranda and Los Toldos II Este projects are the other upstream hydrocarbon projects approved under the RIGI. Rincon de Aranda includes the drilling of 260 wells to reach a production of 45,000 bpd with total investments of US$4.5 billion. Los Toldos II Este, meanwhile, forecasts a production of 70,000 bpd by mid-2027 and investments of US$6.4 billion. Other upstream projects awaiting RIGI approval include the LLL Oil, Loma Jarillosa Este, Bandurria Norte, and El Trapial projects.

According to a statement by the Ministry of Economy, so far US$56 billion in projects have been approved under the RIGI, while another US$150 billion remain under evaluation.

"These are very important figures because they provide stability. We have a very solid macroeconomic policy featuring fiscal balance and a restrictive monetary policy, and we are attracting significant inflows of dollars; this allows not only for our people to continue saving in dollars if they wish, but also for companies to pay dividends and import goods," said Caputo during the opening of Argentina Week Paris on October 1.

Growing Production

Argentina increased its oil and gas production over the last few years, driven by the development of the Vaca Muerta shale reservoir. According to the Secretariat of Energy's latest data, Argentina recorded oil production of 932,000 bpd in August, the highest monthly figure on record and a 14% increase year on year.

For natural gas, in August Argentina had a natural gas output of 155 million m3/d, a 1.7% drop from the same period in 2025.

To cope with the growing production, several companies are also developing midstream capacity to transport oil and gas internally through Argentina and for exports.

Key Takeaways

• The Bajo del Choique -- La Invernada hydrocarbon project has been approved under the RIGI.
• By October, US$56 billion in projects have been approved under the RIGI, while another US$150 billion remains under evaluation.
• In August, Argentina produced 932,000 bpd of oil and 155 million m3/d of natural gas.

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