The Government of Javier Milei approved the unconventional hydrocarbon exploitation project Rincón de Aranda, an initiative that involves an investment of USD 4.5 billion and falls under the Incentive Regime for Large Investments (RIGI).
The confirmation was made by presidential spokesperson Adrián Ravier during his first press conference at the Casa Rosada.
The development will be managed by the company Pampa Energía and is expected to generate approximately 800 direct jobs and another 1,000 indirect jobs.
According to information provided by the Minister of Economy, Luis "Toto" Caputo, the project anticipates exports of USD 17 billion from the production of 305 million barrels of oil over a period of 30 years. Through his account on X, the official highlighted the impact of the scheme promoted by the Government.
“The favorable conditions created by the RIGI allowed the company to increase the initially planned hydrocarbon exploitation and production activity in the area by 50%,” Caputo stated.
He added: "With the approval of the Rincón de Aranda project, the RIGI now has 20 projects approved for a total amount of 46 billion dollars, and another 21 under review.”
