French energy major TotalEnergies plans to invest $10 billion in Argentina across several projects, including new wells in Tierra del Fuego and expanded gas production in Neuquén, CEO Patrick Pouyanné said on October 1.
The company aims to increase gas production to 16 million cubic meters per day. Pouyanné said investments of $4 billion to $5 billion are expected over the next decade. TotalEnergies currently accounts for around one-quarter of Argentina’s natural gas production.
The investment plan comes as Argentine President Javier Milei seeks to attract foreign capital into strategic sectors, including energy, mining and infrastructure.
Argentina’s Vaca Muerta shale formation is central to the country’s energy expansion. In August, it produced 670,000 barrels of oil and 95 million cubic meters of natural gas per day, accounting for 72% of national oil output and 62% of gas production.
