TotalEnergies to Invest $10B in Argentina, CEO Says (TTE:NYSE)
The company plans to boost gas output and develop new fields as Argentina opens more incentives for foreign investment, Pouyanné said.
- On Thursday, TotalEnergies Chairman and CEO Patrick Pouyanné announced nearly US$10 billion in investments to expand operations in Argentina, focusing on the Vaca Muerta shale formation and offshore projects during President Javier Milei's visit to Paris for Argentina Week.
- With nearly 50 years of operations in Argentina, TotalEnergies has already invested almost US$6 billion in Neuquén and now supplies around a quarter of the country's natural gas, positioning it as Argentina's largest producer.
- The expansion encompasses developing the San Roque oil field in Vaca Muerta at approximately US$5 billion, a US$1.5-billion offshore project in Tierra del Fuego Province, and increasing production to 16 million cubic metres per day at Aguada Pichana.
- Pouyanné credited President Milei for enabling the investment through dividend repatriation rights and tax benefits under the RIGI incentive scheme; the pair named the development Alberdi after Juan Bautista Alberdi, architect of Argentina's 1853 Constitution and a Milei ally.
- The commitment strengthens TotalEnergies' dominance in Argentina's energy sector and signals renewed investor confidence following recent policy reforms that have attracted major foreign investment during Argentina Week.
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Globo
CNN BrasilThe French oil company TotalEnergies plans to invest US$ 10 billion in Argentina, said the president-executive, Patrick Pouyanne, on Thursday (01) at a conference in Paris. The investment will be distributed by different projects, including the drilling of new wells in the Land of Fire and the expansion of gas production in Neuquén. We want to increase production to 16 million cubic meters per day, said Pouyanne, adding that investments from US$…
ledauphine.com
The French petrogazier giant TotalEnergies will invest nearly $10 billion in Argentina over the next few years, on three already existing projects, announced this Thursday its CEO Patrick Pouyanné.
The CEO of the company announced the intention to carry out new projects in the country within the framework of the Argentina Week in Paris
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