In 2025, Argentina recorded the largest energy trade surplus in its history. In the coming years, that record could be surpassed as projects approved and under review through the Incentive Regime for Large Investments (RIGI) move forward. Some analysts forecast an energy trade balance generating a combined $48 billion by 2030 and $67 billion by 2035.
Argentina’s economy is entering a strategic moment, driven by the rise of its energy and mining sectors, within a global context where major powers are seeking critical resources from allies to strengthen “friendly” supply chains.
After successfully integrating the Loma Jarillosa Este block, which it operates 100%, and Puesto Silva Oeste, the company is preparing an aggressive drilling program and reinforcing its strategy for sustained growth.
With unconventional oil growing at an annual rate of 31% and gas keeping pace in the flagship basin, Argentina is sending a clear signal to international markets: the country has a world-class shale play.
Both companies signed an asset swap agreement. YPF acquires Pluspetrol’s stake in the Meseta Buena Esperanza, Aguada Villanueva and Las Tacanas blocks, three areas considered strategic for the development of the Argentina LNG project. Pluspetrol, in turn, acquires an interest in the La Escalonada and Rincón de Ceniza blocks.
In 2025, Argentina’s energy sector posted a trade surplus of $7.815 billion, representing 70% of the country’s total annual trade surplus. In December, oil production reached a record 868,712 barrels per day.
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.
Analysts from UBS, Kpler, Ninepoint and Bison offer a technical take on Venezuela, Iran, energy and the market impact of geopolitical decisions led by Donald Trump and his former European allies.
The four-well pilot in the shale oil window—carried out in partnership with TotalEnergies as operator—confirmed commercially viable production. It involved horizontal wells with hydraulic fracturing in the oil window, a liquids-rich shale zone distinct from the dry gas window that dominates other areas of the formation.
The pipeline will be 209 km long, linking the northern area of the Neuquén Basin with the pumping station in Allen, Río Negro. The project will expand the transport system’s capacity from 20,400 to 55,400 cubic meters per day and will connect to the Vaca Muerta Oil Sur (VMOS) system.
With a focus on shale development and the LNG project, the proceeds will be used to support the company’s aggressive investment plan in Argentina and to refinance existing liabilities. The bond, with an implied 11-year maturity and principal repayments in three annual installments starting in year nine, saw solid demand that allowed it to be priced in the middle of the initial book range of $300 million to $500 million.
By combining the European Union’s engineering expertise and innovation capacity with Mercosur’s unique geological endowment, the treaty will make many energy projects more economically attractive.
Looking toward 2030, projected growth at Vaca Muerta could generate up to 50,000 new jobs, and the Vaca Muerta Institute is positioned as an industry-driven training option to develop upstream specializations in controlled environments.
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.
The rapid growth of shale oil output from Vaca Muerta has pushed Argentina’s crude production to record levels, positioning the country as the region’s fourth-largest producer, behind Brazil, Venezuela and Guyana.
