Argentina’s negotiable obligations market tops $20B in 2025, projects another solid year in 2026 as energy accounts for nearly half of corporate financing
Preparatory work is underway for the directional drilling on the north bank, while on the south bank a welded and hydrostatically tested pipe section is ready for insertion, with additional works still pending at the site.
With 1,791 stages, December reflected a slight slowdown, coming in below the annual monthly average of 1,982 stages and well off the record set in May at 2,588. YPF continued to dominate activity with 778 stages, accounting for 43% of the monthly total.
With a portfolio that already exceeds 27 submitted projects and investment commitments topping $33 billion, extending the deadline to 2027 could unlock additional investment and new projects, further expanding the country’s energy and mining frontier.
Argentine gas exports to Brazil are already operational, albeit at modest initial volumes, with significant growth projected through 2030. Routes and methods for scaling up are under consideration.
Oldelval expects early start-up by the end of 2026. In its first phase, the pipeline will transport 220,000 barrels per day, expandable to 300,000 and eventually 500,000.
A specialized report highlights the sector's potential and emphasizes that its activity depends not on temporary incentives, but on operational maturation. It also notes the impact on import reduction and the development of related sectors.
