RIGI: The Milei Government approved an investment of USD 4.5 billion in Vaca Muerta

The Government of Javier Milei approved the unconventional hydrocarbon exploitation project Rincón de Aranda, an initiative that involves an investment of USD 4.5 billion and falls under the Incentive Regime for Large Investments (RIGI).

The confirmation was made by presidential spokesperson Adrián Ravier during his first press conference at the Casa Rosada.

The development will be managed by the company Pampa Energía and is expected to generate approximately 800 direct jobs and another 1,000 indirect jobs.

According to information provided by the Minister of Economy, Luis "Toto" Caputo, the project anticipates exports of USD 17 billion from the production of 305 million barrels of oil over a period of 30 years. Through his account on X, the official highlighted the impact of the scheme promoted by the Government.

“The favorable conditions created by the RIGI allowed the company to increase the initially planned hydrocarbon exploitation and production activity in the area by 50%,” Caputo stated.

He added: "With the approval of the Rincón de Aranda project, the RIGI now has 20 projects approved for a total amount of 46 billion dollars, and another 21 under review.”

Rincón de Aranda

The Rincón de Aranda field covers an area of 240 square kilometers and is located in the oil window of Vaca Muerta, in the province of Neuquén.

The area is entirely owned by Pampa Energía, which currently records a production of 27,000 barrels per day, with a projection to reach 28,000 during the current year and a stabilization level of 45,000 barrels per day by 2027.

The initiative was formally presented in March by the company, which requested its adherence to the RIGI with the aim of advancing in the drilling of new wells and the development of associated infrastructure. According to details provided by the company, the planned investment for the first two years amounts to USD 1.5 billion.

Starting in 2027, the project will begin to generate estimated exports of over USD 1.2 billion annually, consolidating its role within the energy expansion scheme promoted by Milei's Government.

In this context, the approval of Rincón de Aranda adds to a series of initiatives that position Vaca Muerta as a central axis of economic growth and foreign currency generation for the country.