TotalEnergies announces $10 billion investment plan for Argentina
TotalEnergies disclosed a $10 billion program to develop new oil and gas projects in Argentina, including drilling in Tierra del Fuego and expanding gas output in Neuquén. CEO Patrick Pouyanne said the company will aim for daily gas production of 16 million cubic metres. About $4 billion to $5 billion of the spend will be allocated over the next ten years. The announcement coincided with Argentine President Javier Milei’s visit to France to promote foreign investment.
Why it matters
The company expects the spend to raise gas output to 16 million cubic metres per day, which could improve its share of Argentina’s gas market. TotalEnergies said the plan supports its target of 4 % annual growth in total energy output through 2030. Investors will see capital allocation toward a region where TotalEnergies already produces roughly a quarter of national gas.
Key facts
- 1TotalEnergies announced a $10 billion investment in Argentina. globalbankingandfinance.com
- 2The program includes new well drilling in Tierra del Fuego and gas expansion in Neuquén. globalbankingandfinance.com
- 3The company aims to increase gas production to 16 million cubic metres per day. globalbankingandfinance.com
- 4Around $4 billion to $5 billion will be spent over the next ten years. globalbankingandfinance.com
- 5TotalEnergies currently accounts for about a quarter of Argentina’s gas production. globalbankingandfinance.com
- 6Argentina’s Vaca Muerta shale produced 670,000 barrels of oil and 95 million cubic metres of gas per day in August. globalbankingandfinance.com
Summary written by AlphAI from 10 of 10 sources. Not investment advice. Figures are as stated by the linked sources.