Pluspetrol Submits US$12 Billion Project in Vaca Muerta to Argentina's RIGI

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

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Summary

Pluspetrol expects to produce 100,000 bpd and 12 million m3/d of natural gas in Vaca Muerta at its Bajo del Choique-La Invernada projects worth US$12 billion. In terms of investments, this is the largest project submitted for Argentina's RIGI program.

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Large Development

Pluspetrol and Gas y Petróleo de Neuquén (GyP) submitted an application to the Argentina Incentive Regime for Large Investments (RIGI) program to develop the Bajo del Choique-La Invernada oil fields in Vaca Muerta, totalling investments of US$12 billion. The oil field was acquired by Pluspetrol from Exxon Mobil Corporation in 2024. The project contemplates drilling more than 600 new wells over the next 25 years to produce 100,000 barrels per day (bpd) of oil and 12 million cubic meters per day (m3/d) of natural gas.

According to Industrial Info Resources data, Pluspetrol will develop the asset in two phases, with the first phase including the construction of two plants capable of producing 50,000 bpd and 6 million m3/d. Subscribers to the Industrial Info Resources Global Market Intelligence (GMI) Oil & Gas Production Project Database can learn more by viewing the related project reports. Phase II will include another two plants that will produce the remaining 50,000 bpd and 6 million m3/d of natural gas.

The development of this hydrocarbon project would triple Pluspetrol's current production, which stood around 56,000 bpd throughout 2025. Besides the Bajo del Choique-La Invernada asset, Pluspetrol also owns the La Calera, Pampa de las Yeguas, and Los Toldos 1 Sur developments in Vaca Muerta.

RIGI

The Bajo del Choique-La Invernada development is the largest investment project submitted to the RIGI program in Vaca Muerta. The RIGI program is aimed at attracting investments for major projects in Argentina in exchange for fiscal and legal benefits for extended periods.

For oil and gas production projects to be considered for the RIGI, companies must invest at least US$600 million in project development.

A total of 36 projects, across various sectors and industries, amounting to investments of US$95 billion, have submitted applications for the RIGI program. From those, more than a dozen projects have been approved for the incentive regime.

With the growing production from Vaca Muerta in recent years, companies operating in the sector have focused on expanding the reservoir's midstream capacity to easily transport and export production to new markets. Among those interested in Vaca Muerta's growing gas production are Indian companies, which last year signed an memorandum of understanding to import up to 10 million tons of liquefied natural gas per year.

Industrial Info Resources is tracking US$19.4 billion worth of Argentina oil and gas production projects (including gas-to-liquids and LNG).

Argentina's Oil Production

Last year, Argentina produced oil at a pace close to 800,000 bpd, of which 62% came from shale-producing areas in Vaca Muerta. The shale reservoir is among the world's largest and has helped Argentina become a larger hydrocarbon player, attracting billions in investments.

Vaca Muerta is at the center of the government's export and energy surplus strategy. Consistently, President Javier Milei's administration has highlighted the importance of the formation and its role in attracting investments to the country.

Key Takeaways

• Pluspetrol plans to invest US$12 billion in the Bajo del Choique-La Invernada projects.
• The company expects to produce 100,000 bpd and 12 million m3/d of natural gas.
• Vaca Muerta's production continues to play an increasingly important role in Argentina's hydrocarbon volumes.

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Industrial Info Resources (IIR) is the leading provider of industrial market intelligence. Since 1983, IIR has provided comprehensive research, news and analysis on the industrial process, manufacturing and energy related industries. IIR's Global Market Intelligence (GMI) helps companies identify and pursue trends across multiple markets with access to real, qualified and validated plant and project opportunities. Across the world, Industrial Info Resources is tracking over 250,000 current and future projects worth $30.2 trillion (USD).