TotalEnergies announced projects worth nearly US$10 billion in Argentina

The French company TotalEnergies announced a project portfolio of nearly US$10 billion in Argentina, aimed at expanding its gas and oil production. The announcement was made by Patrick Pouyanné, president and CEO of the company, during his participation in Argentina Week Paris, where he also encouraged French entrepreneurs to invest in the country.

Before his presentation, Pouyanné held a private meeting with President Javier Milei, to whom he previewed the company's main announcements. During that meeting, they both chose the name Alberdi for the new offshore development in Tierra del Fuego, which involves an investment of US$1.5 billion.

The chosen name seeks to pay tribute to Juan Bautista Alberdi and, as the executive explained, it was a decision made in agreement with the President.

New gas and oil projects

TotalEnergies also plans to advance with new developments in Neuquén, one of Argentina's main hydrocarbon regions. The company aims to expand its gas production in Aguada Pichana and develop oil in San Roque, within Vaca Muerta.

This latter project involves a potential investment of around US$5 billion. During his presentation to French entrepreneurs, Pouyanné also requested the support of the governor of Neuquén to move forward with the development.

The portfolio announced by the company thus includes various projects aimed at increasing Argentina's energy production and consolidating TotalEnergies' presence in the country.

Pouyanné highlighted the Government's reforms

During his presentation, the head of TotalEnergies identified two central changes for the investment decisions of a global company: the ability to remit dividends abroad and the incentives included in the Incentive Regime for Large Investments (RIGI).

Pouyanné recalled that he had raised these conditions with Milei during their first meeting, held in Buenos Aires in 2024. He explained that the modifications implemented since then opened a new perspective for the company's investments.

The executive also highlighted the role of the Argentine ambassador in France, Ian Sielecki, whom he especially thanked for his participation in organizing the meeting and for facilitating dialogue between TotalEnergies and the Argentine Government.

A long-term commitment to Argentina

Pouyanné also emphasized that TotalEnergies has been present in Argentina for almost half a century and that the company has maintained its operations during different economic stages of the country.

Before French entrepreneurs and leaders, the company's CEO defended the opportunities that Argentina presents and pointed out the importance of maintaining rules that allow for the development of the planned projects.

The announcements made during Argentina Week Paris thus combine new investments in Vaca Muerta, offshore projects, and an expansion of gas and oil production, in a portfolio that the company estimated at nearly US$10 billion.