Investing.com — TotalEnergies plans to invest $10 billion in Argentina, Chief Executive Patrick Pouyanne said Thursday at a conference in Paris.
The French oil company will spread the investment across different projects, including drilling new wells in Tierra del Fuego and expanding gas production in Neuquen.
“We want to enhance production to 16 million cubic metres per day,” Pouyanne said. The company expects to invest $4 billion to $5 billion over the next 10 years.
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TotalEnergies accounts for around a quarter of Argentina’s gas production, according to the company’s website. The energy firm targets growth of 4% in energy output annually through 2030 and between 2% and 3% in oil and gas output between 2030 and 2035.
Pouyanne spoke at an investment conference in Paris as Argentine President Javier Milei visits France to attract foreign capital. Milei is scheduled to meet French President Emmanuel Macron later Thursday. Buenos Aires is promoting opportunities in strategic sectors such as energy, mining and infrastructure.
Argentina’s Vaca Muerta shale formation, one of the world’s largest unconventional oil and gas reserves, produced 670,000 barrels of oil and 95 million cubic metres of natural gas per day in August. This represented 72% of Argentina’s total oil output and 62% of its gas production, according to consultancy GKC.
State-run energy company YPF projects that by 2031 Vaca Muerta will generate $50 billion in export dollars, potentially rivaling Argentina’s agriculture sector.
Original Article
TotalEnergies plans $10 billion investment in Argentina, CEO says
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