The Government eliminates withholdings on conventional oil up to US$65 and aims to sustain mature basins

The Government eliminates withholdings on conventional oil up to US$65 and aims to sustain mature basins
New tax relief for the energy sector, growth is this government's priority

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The Government set 0% export duties on conventional oil when the barrel is worth up to US$65

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Impact on the domestic crude price

Conventional oil doesn't currently account for the bulk of Argentine exports, which are dominated by shale oil. However, the reduction in export duties has a direct impact on the domestic price received by producers.

In practice, the 8% export duty is deducted from the export parity price that local refineries use as a reference. By eliminating that cut, the value of the conventional barrel automatically improves, strengthening the economic equation of existing contracts.

For example, with Brent around US$65, the removal of export duties implies an improvement of close to US$5 per barrel for producers.

To ensure that the benefit applies exclusively to conventional crude, the Secretariat of Energy will have to audit each concession area. The State will monitor injection by productive area and will thus determine what percentage effectively corresponds to conventional fields. The oversight process will formally begin within the next 60 days.

Nuevo alivio fiscal para el sector enérgetico, el crecimiento es prioridad de este Gobierno.
Nuevo alivio fiscal para el sector enérgetico, el crecimiento es prioridad de este Gobierno.

Recovery of conventional oil

Despite the boom in Vaca Muerta, conventional oil still represents almost one-third of the country's total production and is key to supplying local refineries.

With this tax relief, Argentina sends a clear signal to the market: energy is once again a strategic priority. By improving the competitiveness of conventional oil and complementing the development of Vaca Muerta, the country strengthens its profile as a reliable producer, capable of transforming natural resources into investment, employment, and exports.

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Fiscal agreement and shared effort

The new regime doesn't arise in isolation. It is the result of agreements signed between the Ministry of Economy and the governors of the producing provinces during the last quarter of 2025, under a "shared effort" scheme.

In that framework, the provinces committed to reducing or reviewing local taxes, such as Gross Income, royalties, and fees. Likewise, the operators committed to sustaining employment and reinvesting the tax benefit in activity, especially in secondary and tertiary recovery techniques.

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The Executive Branch made official this Thursday a new export duty scheme for conventional crude oil exports. This framework is aimed at improving the competitiveness of mature basins and stopping the production decline that has been dragging on for more than a decade. The measure was formalized through Decree 59/2026, published in the Official Gazette.

It is established that conventional crude exports will pay 0% export duties when the international barrel price is equal to or lower than US$65. This significantly raises the threshold from which the State begins to collect export duties. Until now, that floor was set at US$45, which affected the profitability of fields with higher operating costs.

Javier Milei y Luis Caputo.
Javier Milei y Luis Caputo.

A sliding scheme and oxygen for mature areas

The decree introduces a sliding export duty system tied to the international price of Brent crude, with three well-defined tiers:

  • Up to US$65 per barrel: 0% duty for conventional crude.
  • Between US$65 and US$80: variable rate, calculated through a progressive formula.
  • Above US$80: full 8% duty, the same that applied until now.

This way, the scheme protects conventional production in contexts of low or moderate prices. Although, at the same time, it allows the State to capture some rent in a context of high profits.

La medida apunta directamente a las áreas maduras ubicadas en las provincias de Santa Cruz, Chubut y Neuquén
La medida apunta directamente a las áreas maduras ubicadas en las provincias de Santa Cruz, Chubut y Neuquén

The measure is aimed directly at mature areas located in the provinces of Santa Cruz, Chubut, and Neuquén. These face significantly higher extraction costs than the unconventional developments in Vaca Muerta.

In these fields, operating costs are around US$45 per barrel, so, with depressed international prices and a demanding export duty scheme, many operations had ceased to be profitable. The consequence was a sustained reduction in investment, lower drilling activity, and a growing risk of job losses.

From the Chamber of Hydrocarbon Producing Companies (CEPH) they repeatedly warned that the conventional business was in a critical situation, with companies losing money on every barrel extracted.