Argentina to Include Upstream Oil and Gas Projects in Investment Incentive Program RIGI

Argentina will expand its investment incentive program, RIGI, to include upstream oil and natural gas production projects, as announced by Deputy Energy Minister Daniel González on December 12. This decision comes after a meeting with Economy Minister Luis Caputo and Neuquén Governor Rolando Figueroa, who advocated for the inclusion of upstream projects to boost production.

RIGI, which provides 30 years of legal stability for projects over $200 million, will now incentivize investments critical for increasing production and reducing LNG and fuel imports. The program offers tax breaks, exemptions on export taxes, and favorable currency access based on project scale.

Recent government measures include lifting an 8% tax on conventional oil exports to revive production. Argentina's oil output reached a record 859,500 barrels per day in October, with expectations that Vaca Muerta will lead production to 1.456 million b/d by 2030.