Within the framework of his presentation in the Senate, the Chief of Staff, Guillermo Francoshighlighted the advances in the sector of hydrocarbons with the Incentive Regime for Large Investments (RIGI).
One of the questions pointed to RIGI and the benefits for companies. “The policies of deregulation and macroeconomic ordering not only gave concrete results, but also demonstrate that little by little Argentina is once again positioning itself before the world as a reliable country with opportunities for growth and investment,” replied the official.
In this context, he said that the RIGI It represented a “huge and concrete change” that guarantees conditions and “generates confidence among those willing to bet” on Argentina. “Where there were obstacles before, now there are fiscal, customs and exchange incentives to make large investments more attractive. Where there was uncertainty, now there is legal certainty, predictability and stability for those who produce. Where there were slaps from the State, now there is certainty that no The rules of the game will be changed for those who invest,” said Francos.
According to the Chief of Staff, since the sanction of the Regime, six large confirmed projects have already been presented for a total of US$7.8 billionlocated Mendoza, Salta, Catamarca, San Juan, Neuquén and Río Negro.
Some of the projects already presented to RIGI are the Vaca Muerta Oleoducto Sur (VMOS) project of YPF and six other partners for almost US$3,000 million to be able to export more than 700,000 barrels of oil in 2028; the expansion of YPF Luz’s El Quemado solar park in Mendoza; diversified investment plan San Juan de Minas Argentinas SA, a member company of AISA Group, which includes mining, renewable energies and industrial lime development, and the LNG export project of PAE and Golar, with an investment of US$2.9 billion for 10 years, among others.
The latest oil and gas production data
Francos revealed that in October the energy sector recorded a surplus of US$618 million, reaching US$4,302 million in the first ten months of the year. “Today Argentina exports more fuel and energy than it imports, which in turn allows it to add more foreign currency that is key to the country’s growth”he indicated.
In addition, he assured that in August the country recorded the highest hydrocarbon production in the last 20 years. While in October, the country produced 743,000 barrels of crude oil per daywhich represents a year-on-year growth of 12.3%. Regarding gas, he revealed that the 133 million cubic meters per day5.7% more compared to October of the previous year.
Finally, he announced that in the first ten months of 2024, the crude oil It was consolidated as the third most exported product in the country and currently represents 6.9% of Argentina’s total exports. Record oil and gas production was also achieved in Dead Cow.
“With Vaca Muerta’s resources and efficient management, Argentina meets all the conditions to become a global energy power,” he stated.
Source: Ambito
