RIGI: Pluspetrol will invest USD 12 billion in Vaca Muerta to double its oil and gas production

The company's progress in Vaca Muerta is also supported by recent large scale movements. At the end of 2024, Pluspetrol completed the purchase of key assets in the formation, marking the departure of ExxonMobil from the Argentine oil sector.

The deal, which exceeded $1.7 billion, gave him control of 70% of ExxonMobil Exploration Argentina, while Qatar Energy retained the remaining 30%.

The operation covered seven blocks located in Vaca Muerta, including Bajo del Choique-La Invernada, Los Toldos I Sur, Los Toldos II Oeste and Pampa de las Yeguas, in addition to participation in the Oldelval oil pipeline. Among them, Bajo del Choique stands out, considered a strategic area for the development of unconventional hydrocarbons

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In parallel, Pluspetrol is part of the Vaca Muerta Oil Sur (VMOS) consortium, together with companies such as YPF, Pan American Energy, Pampa Energía, Vista, Chevron, Tecpetrol, Shell and Gas and Petroleum of Neuquén (GyP).

This project foresees an initial investment of USD 3 billion for the construction of an oil pipeline of almost 600 kilometers, which will connect the productive area of Neuquén with the Atlantic coast of the province of Rio Negro, including a “world class” export terminal.

The execution schedule includes an early start-up in the third quarter of 2026, which will allow the evacuation of 190,000 barrels per day.

The second phase, scheduled for mid-2027, will expand capacity to 390,000 barrels per day, while a third phase is expected to reach 550,000 barrels per day, with expansion projections of up to 690,000 barrels per day.

In a context of structural transformation of the Argentine economy, marked by policies aimed at opening up and attracting investment, the energy sector is once again becoming one of the main engines of growth. In this scenario, Pluspetrol announced the submission of an application to join the Incentive Regime for Large Investments (RIGI), committing an estimated investment of USD 12 billion in the Bajo del Choique - La Invernada block, located in Vaca Muerta, in the province of Neuquén

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The initiative, developed in conjunction with Gas and Petroleum of Neuquén (GyP), contemplates an ambitious energy production and development plan in the northern region of the province. According to the firm, the project plans to achieve a production level of 100,000 barrels per day of oil through the construction of four processing plants, evacuation pipelines and the drilling of more than 600 wells over 25 years. In the company's words: “The project will thus seek to achieve a production level of 100,000 bbl/d by building 4 processing plants, evacuation pipelines and drilling more than 600 wells within 25 years

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The development will be structured in two clearly defined stages. The first phase will focus on the southern part of the area, where two plants and associated infrastructure will be built, with the objective of achieving a production of 50,000 barrels per day and 6 million cubic meters of gas per day. Meanwhile, the second phase will boost the northern zone, replicating investments in assets and reaching a maximum production of 100,000 barrels per day and 12 million cubic meters of gas per day. As detailed in the official statement: “In the second phase, the northern zone will be promoted, which will have similar investments in assets and expected production, making it possible to reach levels of 100,000 bbl/day and 12 mmSm³/day

of gas at its peak of production.”

The company highlighted that, through “investments made in an efficient and responsible manner”, this strategy will contribute to promoting sustainable energy growth, with a favorable impact both economically and socially. In particular, they stressed that the project will benefit the community and the entire value chain of Rincón de los Sauces and the northern region