Argentina Paris Week: US$10.5 Billion in New Energy and Mining Pledges
ARGENTINA · INVESTMENT
Key Facts
- —The country Argentina is South America’s second-largest economy and holds some of the world’s largest shale gas and lithium reserves. President Javier Milei is courting foreign capital ahead of the 2027 election.
- —The background Under the RIGI, Argentina’s regime for investments above US$200 million, projects get tax, customs and currency benefits for 30 years. Milei says US$45 billion in projects have already been approved.
- —Why now Milei and 13 provincial governors took part in Argentina Week Paris, an investor event held this week at the OECD, the Paris-based club of industrial economies.
- —What happened Companies announced projects worth about US$62.55 billion, of which about US$10.52 billion are new or expanded, the newspaper Clarín tallied.
- —Who gains Neuquén and Río Negro (shale gas and the Argentina LNG export project), Tierra del Fuego (offshore gas), Chubut (oil) and Salta (lithium).
- —What it means for you More gas, oil and lithium exports would bring in the dollars Argentina’s economy lacks. Jobs and royalties would go mainly to five provinces in the south and north-west.
- —Still open Most projects are plans, not final decisions. The biggest, Argentina LNG, is due to be signed off on 26 November.
Argentina’s Paris investment week produced about US$10.5 billion in new or enlarged projects, the newspaper Clarín calculated on 1 October. Almost all of it is in energy and mining, and five provinces stand to gain most.
Including the long-planned Argentina LNG gas-export venture, companies announced projects worth about US$62.55 billion. All of them seek the tax, customs and currency benefits of the RIGI, Argentina’s large-investment regime.
The four projects
The largest confirmation came from YPF, the state-controlled oil firm, and its partners Eni of Italy and XRG of the Emirates.
They said the final investment decision on Argentina LNG will be signed on 26 November, Clarín and La Nación reported.
The project is valued at about US$51 billion, more than the rest of the week’s pledges combined. Its decision date is new; the project itself was already known.
TotalEnergies’ plans, presented on 1 October, add about US$10 billion over ten years in three projects. Pan American Energy raised its RIGI application for the Cerro Dragón oilfield to US$1.2 billion from US$680 million.
The French miner Eramet seeks RIGI status for a lithium expansion of about US$350 million. Clarín counts about US$10.5 billion of the week’s pledges as new or enlarged.
Which provinces gain
Neuquén gains most. It is the production centre for Argentina LNG and the home of Vaca Muerta, one of the world’s largest shale formations.
TotalEnergies plans US$4 billion to US$5 billion there to raise gas output, and about US$5 billion at the San Roque block. That block aims for 60,000 barrels of oil a day, Clarín reported.
Río Negro, on the Atlantic coast, would host the export infrastructure for Argentina LNG. Tierra del Fuego, at the southern tip, gets the US$1.5 billion Alberdi offshore gas project, which will support the Fénix platform.
Chubut, in Patagonia, gets the Cerro Dragón plan. It is the first conventional oil project to seek RIGI status, aimed at squeezing more crude from an ageing field.
Salta, in the north-west, hosts Eramet’s Centenario-Ratones lithium plant. The expansion would raise capacity from 24,000 to 35,000 tonnes a year of lithium carbonate equivalent.
Why the governors went
Thirteen governors joined Milei in Paris, the presidency said. They came from Neuquén, Chubut, Río Negro, Mendoza, Entre Ríos, Salta, Corrientes, Chaco, Jujuy, Santa Cruz, San Juan and Catamarca, plus Buenos Aires city.
Clarín said the aim was to show investors political backing and long-term rules. Investors in Paris again asked about Argentina’s stability, it reported.
The governors also have a stake at home. Provinces own their oil, gas and mineral resources under Argentina’s constitution and collect royalties on them.
What comes next
The first test is 26 November, when Argentina LNG’s partners are due to take their final decision. Eramet’s expansion still needs the company’s own approval, expected towards the end of 2027.
San Roque depends on talks with Neuquén’s governor over extending the block, as earlier reporting showed. Pan American Energy’s application still needs government approval.
The figures are pledges, not money spent. Most of the US$10.5 billion would arrive over a decade, and several projects remain subject to company decisions.
Nor does it settle Argentina’s investment debate. Investors are still weighing the 2027 election, and the RIGI’s generous terms face criticism at home.
Frequently Asked Questions
What is the RIGI?
The Incentive Regime for Large Investments, created in 2024, offers projects above US$200 million stable tax, customs and currency rules for 30 years. Companies must apply and be approved.
What is Argentina LNG?
It is a project by YPF, Eni and XRG to produce gas in Neuquén’s Vaca Muerta formation and export it as liquefied natural gas from Río Negro. It is valued at about US$51 billion.
Is the US$10.5 billion guaranteed?
No. It is the value of new or enlarged plans announced in Paris. Several still need company decisions or government approval and would be spent over years.
Why do provinces matter?
Argentina’s provinces own the natural resources in their territory and collect royalties. Governors negotiate permits and extensions with companies.
Sources: Clarín, “Milei se garantizó en París nuevas inversiones por US$ 10.500 millones en energía y minería”, 1 October 2026; Perfil, “Milei consiguió en París nuevas inversiones por más de 10.000 millones de dólares: qué provincias se verán beneficiadas”, 2 October 2026; La Nación, on the Argentina LNG decision date, 1 October 2026; Presidency of Argentina, “El Presidente Milei mantuvo un encuentro con 13 gobernadores en el marco de la Argentina Week en París” (press release), 1 October 2026. Retrieved 2 October 2026.
This article was produced by The Rio Times’ automated newsroom system. How we use AI · Report an error · Editorial responsibility: Matthias Camenzind, Editor-in-Chief
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