A senior official of the Government of Donald Trump highlighted the growth of the energy sector in Argentina and described the country as one of the “miraculous” cases in the history of Latin America due to the increase in production and the arrival of new investments.
The recognition was made by Caleb Orr, Under Secretary of State for Economic, Energy, and Business Affairs of the United States, during the presentation of a report prepared by the Atlantic Council in Washington.
Caleb Orr
“Argentina, in particular, is one of the miraculous cases regarding the increase in production and the volume of investment that its energy sector is receiving,” the U.S. official stated.
Orr noted that over the past two years, several Latin American countries have increased their oil production, but he placed special emphasis on Argentina's performance. He also anticipated that the country could register “historic increases in its energy production over the next few years.”
The Trump administration official also highlighted the potential of the mining sector, especially the development of lithium and the growing interest of U.S. and Western companies to expand their operations in Argentina.
Mining activity also records historical highs with Javier Milei
Washington's support comes at a time when energy has solidified as one of the main engines of economic recovery. During the first half of the year, Argentina's trade surplus approached US$14 billion, its highest level in constant dollars since the first half of 2009.
Within that result, the fuels and energy sector contributed a positive balance of nearly US$6 billion, the highest record of the century and approximately US$2.3 billion higher than that obtained during the same period the previous year.
Orr attributed part of this new scenario to the course adopted by President Javier Milei. In this regard, he highlighted the “renewed respect for the rule of law” and the “investment-friendly climate” promoted by the national government. According to Caleb, these conditions have created “immense opportunities for U.S. companies,” in contrast to decades of interventionism, legal insecurity, and regulations from Kirchnerism.
Caleb Orr, Under Secretary for Economic and Business Affairs at the U.S. Department of State
One of the most important examples is Chevron, which submitted a request to enter the Incentive Regime for Large Investments with a project of US$13.8 billion in the Neuquén area of El Trapial. This is the largest request made to date under the RIGI and the most ambitious project of the U.S. oil company in Argentina. The company has also maintained a partnership with YPF in Loma Campana since 2013.
During the presentation, the Argentine ambassador to the United States, Alec Oxenford, emphasized the government's consistency in considering Washington as a strategic ally and pointed out that macroeconomic stability will be essential to continue attracting investments.
