Oil record: Argentina's Milei surpassed its historic production and aims for 1 million barrels per day in 2026

The Argentine energy industry is going through a period of expansion that has not been seen for decades. In a context of increased international interest and growth expectations for the sector, the country's oil production reached its highest level in 28 years and is projected to continue to increase steadily in the coming years. As anticipated by the president and CEO of YPF, Horacio Marín, Argentina will have its historic record for oil production in 2026 and will reach 1 million barrels per day by the end of that year. Currently, domestic crude oil production stands at 878,000 barrels per day (bpd), exceeding the average of 858,000 bpd recorded in 1998, which until

now represented an all-time high.

According to industry projections, the decisive leap will come when the Vaca Muerta Oil Sur (VMOS) pipeline comes into operation at the end of the year. With this new strategic infrastructure, the barrier of 1,000,000 barrels per day will be broken, which will mark a milestone for the national energy industry. YPF's forecasts go even further. The company estimates that production could far exceed 1,500,000 barrels per day by the middle of the next decade, a growth that would allow Argentina to consolidate itself as a global energy player and achieve energy exports of more than US$ 40 billion a year. If this scenario were to materialize, the energy sector would exceed the level of foreign sales registered by agribusiness last year and would contribute to long-term macroeconomic stability

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These definitions were given within the framework of CERAWeek by S&P Global, considered the largest energy convention in the world. In the continuity of the event, the Argentine delegation that arrived in Texas participated this Thursday in the meeting organized by the Argentine Petroleum and Gas Institute (IAPG) Houston, called “Breakfast Series - Energy Leadership in Action”. There, in addition to Marín, the Secretary of Energy and Mining Coordination, Daniel González, and the governors of Neuquén and Rio Negro, Rolando Figueroa and Alberto Weretilneck, spoke. During his speech, the national official stressed that “there is increasing global interest in Argentina” and stressed that the war opens up an opportunity for the country, as it is a territory far from conflict zones and with legal security, a key factor for attract energy investments

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Along the same lines, provincial governors emphasized to businessmen and international service companies seeking to attract investment that the society of their provinces is aligned to accelerate the development of oil, gas and energy infrastructure.

For his part, Marín once again highlighted the economic projections of the state oil company. The executive said he expects YPF to achieve its highest EBITDA (gross return) in history, with approximately US$ 6 billion in 2026. In addition, he projected that the entire energy industry will allocate investments of about US$ 130 billion until 2031, which is equivalent to around US$ 20 billion per year, a figure comparable to the disbursements made by big oil companies worldwide

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Finally, YPF's CEO anticipated that exploration efforts will also expand offshore in the Argentine Sea. There are assets there that are presumably promising from a geological point of view, although they still need to be tested. Offshore exploration involves very high costs and great risks of failure, but it also offers high profitability when a well is put into production, which could open a new phase for the country's energy development

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