2026-10-20
- It is reported that on 2026-10-19 Argentina’s government approved three projects under RIGI (Régimen de Incentivo para Grandes Inversiones, the Large Investment Incentive Regime), with combined investment above USD 15.4 billion.
- According to the government, Pluspetrol’s Bajo del Choique–La Invernada development involves more than USD 12.2 billion (Phase 1: USD 4.175 billion; Phase 2: USD 8.065 billion), four early production treatment plants, and final capacity of 100,000 bpd of oil and 12 million m3/day of gas.
- TGS’s Tratayén NGL (Natural Gas Liquids) processing plant and Bahía Blanca fractionation plant involve more than USD 3.2 billion, with operations targeted for 2030.
- Minister Luis Caputo reportedly said the TGS works would create about 19,000 jobs during construction and about USD 1.1 billion per year in exports once operating.
It is reported that on 2026-10-19 the Argentine government approved, under RIGI (Régimen de Incentivo para Grandes Inversiones, the Large Investment Incentive Regime), three plant-centered projects in the Vaca Muerta shale play. They are Pluspetrol’s Bajo del Choique–La Invernada development (more than USD 12.2 billion) and TGS’s Tratayén NGL (Natural Gas Liquids) processing plant and Bahía Blanca fractionation plant (more than USD 3.2 billion), for combined investment above USD 15.4 billion. According to the reports, the approvals secure oil and gas treatment capacity and NGL capacity together to support higher Vaca Muerta output and exports.
According to the reports, Pluspetrol’s Bajo del Choique–La Invernada project is located about 40 km south of Rincón de los Sauces, Neuquén, in the Hub Norte of the Neuquina Basin, on roughly 400 km2. It covers exploration, production, treatment and transport. The plan is to drill, complete and bring online 620 horizontal wells together with four early production treatment plants. Produced-water handling and reinjection, power facilities, internal roads, a 45 km oil pipeline and a 20 km gas pipeline are reported as integral parts of the project.
The project is divided into two phases. Phase 1 covers 206 wells in the southern zone, the first two treatment plants and evacuation facilities, with USD 4.175 billion invested through 2037-12-31. Phase 2 develops the northern zone, La Invernada, with two more treatment plants and 414 additional wells, with USD 8.065 billion invested through 2041-12-31. Total capacity after Phase 2 is reported as 100,000 barrels per day (bpd) of oil and 12 million m3/day of gas. Phase 1 capacity is 50,000 bpd of oil and 6 million m3/day of gas, and it is expected to raise output by 34% versus a case without the investment.
The TGS project has two parts. The first is processing infrastructure at Tratayén, Neuquén, to separate NGL from natural gas. The second is the transport of the separated NGL to Bahía Blanca, where it will be fractionated for export, with a pipeline of about 577 km linking the two sites as an integral component. The project also aims to expand evacuation capacity in the Neuquina Basin. It is reported that TGS’s board approved the FID (Final Investment Decision) for its NGL project in June 2026, and that agreements with YPF, Pluspetrol and Chevron already cover more than 80% of the project’s capacity. TGS is reported to be in advanced commercial talks with other basin producers for the remaining volume.
Numbers
According to the government, the three approved projects together exceed USD 15.4 billion in investment. Pluspetrol’s two phases total about USD 12.24 billion (Phase 1: USD 4.175 billion; Phase 2: USD 8.065 billion), each phase exceeding USD 1 billion. Production targets are 100,000 bpd of oil and 12 million m3/day of gas at full build-out, with 50,000 bpd and 6 million m3/day in Phase 1. Drilling totals 620 horizontal wells (206 in Phase 1, 414 in Phase 2), and the four early production treatment plants are split two per phase.
Pluspetrol’s exports are expected at about USD 2.3 billion per year, with 92% of production destined for foreign markets. Employment is reported at more than 2,300 direct and about 4,640 indirect jobs. The project is said to average 200 direct suppliers and 900 indirect contracts, rising about 10% from 2028 as more drilling rigs are added.
The two TGS projects total more than USD 3.2 billion, with operations targeted for 2030. Minister Luis Caputo reportedly said the works would create about 19,000 jobs during construction and generate about USD 1.1 billion per year in exports once operating. According to the reports, the TGS scope includes a gas separation pipeline of about 100 km, new gas processing facilities at Tratayén, a multi-product pipeline from Tratayén to Bahía Blanca, a fractionation plant, and storage and complementary works at the maritime export terminal. Construction is reported at 45 months, with about 4,000 direct and 15,000 indirect jobs. Vaca Muerta gas is said to contain 25% to 30% liquefiable components, compared with about 10% for standard natural gas.
Timeline
2026-06-22 — It is reported (iProfesional) that TGS’s board approved the FID for its NGL processing project of about USD 3 billion.
2026-10-19 — The government and the RIGI evaluation committee reportedly approved the Pluspetrol project and the two TGS projects, three in total.
2028-01-01 — Supplier contracts on the Pluspetrol project are reported to begin rising about 10% as drilling rigs increase.
2030-01-01 — Target year for TGS NGL processing and fractionation operations (only the year is known, shown as the start of the year).
2037-12-31 — End of the Phase 1 investment period (USD 4.175 billion) for Pluspetrol.
2041-12-31 — End of the Phase 2 investment period (USD 8.065 billion) for Pluspetrol.
Note
- Fractionation: the process of separating NGL into individual products such as propane, butane and natural gasoline.
- RIGI: Argentina’s regime that grants long-term legal certainty and incentives to large investment projects.