Argentina Approves US$6.4 Billion Oil Project Under RIGI Scheme

The Argentine government has approved Los Toldos II Este, a US$6.4 billion oil and gas project owned by Tecpetrol (90%) and GyP (10%), under its Incentive Regime for Large Investments (RIGI) scheme.

The RIGI is designed to attract investment in infrastructure, energy, and mining sectors with projects valued at over US$200 million. The program offers tax cuts, import duty reductions, foreign exchange incentives, and legal stability to ensure long-term fiscal stability.

Los Toldos II Este is expected to produce 35,000 barrels of oil per day by early 2027 and 70,000 bpd by July 2027. The project will generate around 8,000 direct and indirect jobs during its lifespan.