The current commitment surpasses the $6B TotalEnergies invested in Argentina over the past decade despite restrictive capital controls. This expansion coincides with efforts by Italy's Eni and the UAE's XRG to establish an LNG business shipping from the South Atlantic to bypass geopolitical risks in the Middle East. Those partners are targeting a November 26 final investment decision on an LNG project estimated to cost between $29B and $51B, with $6B in financing proposed by the US Export-Import Bank.
Tuesday, October 20, 2026
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TotalEnergies' $10B Argentina Bet Surpasses Past 10 Year Spending
Commodities18 days ago
The French energy company will allocate roughly $5 billion to oil production at San Roque in Neuquén and $1.5 billion for gas developments in Tierra del Fuego to expand its footprint in Argentina. CEO Patrick Pouyanné announced the nearly $10B total investment portfolio during "Argentina Week" in Paris, utilizing the new RIGI incentive regime to secure tax breaks and facilitate the repatriation of dividends. These projects include the Alberdi field and expanded output at Aguada Pichana, reinforcing the firm's position as the nation's largest gas producer.
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