Government approves key energy, mining and automotive RIGI projects

The Argentine government approved a series of international investments in energy, mining and automotive manufacturing that will bring more than US$27 billion into the country.

The projects include investments in Argentina’s main oil and gas field Vaca Muerta as well as a Toyota initiative to produce the first 100% electric car in the country, which, according to the government, is the largest investment in the history of the local automotive industry.

They were approved under the Large Investment Incentive Regime (RIGI, by its Spanish initials), a special tax, customs and foreign exchange regime that offers investors several fiscal and currency exchange benefits when making large investments in Argentina.

On Friday, Economy Minister Luis Caputo announced that the RIGI Evaluation Committee had approved a nonconventional oil and gas production project in Vaca Muerta by international energy company Pluspetrol and local firm Gas y Petróleo del Neuquén (GyP).

Nuevo RIGI aprobado 🇦🇷🇦🇷

El Comité Evaluador aprobó el ingreso RIGI del proyecto Bajo del Choique – La Invernada, impulsado por Pluspetrol y GyP. Se trata de un desarrollo no convencional en Vaca Muerta que prevé una producción de 613 millones de barriles de petróleo y 50.366… pic.twitter.com/KjMTMBUHAN

— totocaputo (@LuisCaputoAR) October 2, 2026 The companies will invest US$12.4 billion over 25 years, with the goal of producing 613 million barrels of crude oil and 50 billion cubic meters of gas during that time. More than 90% of the production will be for export.

In a statement, Pluspetrol — founded in Argentina but currently based in the Netherlands — said it will seek to produce more than 100,000 barrels of oil per day by “building four processing plants, constructing export pipelines, and drilling more than 620 horizontal wells” in the Bajo del Choique-La Invernada area of Vaca Muerta, in the Patagonian province of Neuquén.

According to Caputo, the project “will create more than 2,300 jobs in construction and operations,” and the annual value of the oil and gas produced will “exceed US$2.3 billion.”

Government and Pluspetrol officials announced the investment during Argentina Week in Paris, a series of events in the French capital aimed at showcasing trade and investment opportunities in Argentina.

Mining Also during Argentina Week in Paris, President Javier Milei announced Friday a new agreement with Switzerland-based mining multinational Glencore to carry out a copper extraction project in the Andean province of Catamarca.

Milei and Glencore CEO Gary Nagle announced that the “Agua Rica” project had been approved by the RIGI Evaluation Committee. It will be implemented by Minera Agua Rica, a Glencore-owned company, with an estimated capital investment of US$4 billion.

According to a statement from the Argentine government, the Agua Rica project will have an average annual production capacity of 200,000 metric tons of copper, with estimated exports of US$2.167 billion per year. All production will be destined for international markets.

The statement added that almost 5,000 jobs will be created during the different stages of the project and that the company is committed to creating local employment opportunities. It will also carry out infrastructure works in the region related to roads, energy and water.

Construction is scheduled to begin in November 2027, while operations are expected to start in October 2031.

Toyota electric cars On Wednesday, the Economy Ministry announced that a Toyota RIGI project to build a new factory in Zárate, Buenos Aires province, had been approved, with an investment of US$1.3 billion.

Caputo highlighted that it’s “the largest investment in the history of the Argentine automotive industry.”

The new factory is aimed at building a 100% electric car, a technology currently not produced in Argentina. The company has not yet announced which model it will be.

Caputo added that the factory will export around 70% of its production, generating US$1.2 billion annually, and create more than 3,600 jobs during construction, as well as an additional 2,600 direct and indirect jobs during the operation stage.

More oil and gas projects During Argentina Week in Paris on Thursday, French firm TotalEnergies announced a series of projects to expand its oil and gas production in Argentina outside the RIGI regime.

The investments will go toward existing operations and are estimated to be worth nearly US$10 billion.

Patrick Pouyanné, the company’s chairman and CEO, held a private meeting with Milei before the announcement to pitch the projects.

According to a statement from the government’s communications office, the two chose the name “Alberdi” for a new offshore development off the coast of Tierra del Fuego, which involves an investment of US$1.5 billion. The project was presented by the executive as a decision made jointly with Milei.

The firm also plans to expand its gas production in Neuquén province and develop oil in San Roque, in Vaca Muerta, via a RIGI project, although it has not been presented to the evaluation committee yet.