TotalEnergies plans to invest $10 billion in Argentina, deepening its exposure to one of Latin America’s fastest-growing oil and gas markets. Chief Executive Patrick Pouyanné announced the plan in Paris on October 1, saying the investment would span several projects, including new drilling in Tierra del Fuego and expanded gas production in Neuquén, as the company seeks to lift output.
The investment adds momentum to Argentina’s effort to turn its large unconventional resource base into a bigger source of domestic supply and export revenue, with Vaca Muerta playing a central role in the country’s long-term energy strategy.
Key Overview
- TotalEnergies plans to invest $10 billion across energy projects in Argentina.
- The company is targeting new wells in Tierra del Fuego and higher gas production in Neuquén.
- Pouyanné said TotalEnergies wants to increase gas production to 16 million cubic metres per day.
- TotalEnergies operates around 25% of Argentina’s natural gas production.
- Vaca Muerta produced about 670,000 barrels of oil per day and 95 million cubic metres of gas per day in August 2026.
- YPF aims for Argentina’s shale-led energy exports to reach $50 billion annually by 2031.
- The announcement comes as TotalEnergies targets continued production growth through 2035.
TotalEnergies Expands Its Argentina Production Base
The planned $10 billion commitment covers multiple projects rather than a single development. Pouyanné said the company intends to drill additional wells in Tierra del Fuego and expand gas production in Neuquén, where TotalEnergies already operates several upstream blocks.
The company wants to raise its Argentine gas production to 16 million cubic metres per day. Pouyanné also said between $4 billion and $5 billion of investment is expected over the next decade, while the broader $10 billion programme spans a wider portfolio of planned projects.
Argentina is already an important market for the French energy group. TotalEnergies describes itself as the country’s leading international gas producer and says it operates around a quarter of Argentina’s gas production, primarily through its Total Austral subsidiary.
Its upstream footprint includes offshore gas fields in Tierra del Fuego and the Aguada Pichana Este, San Roque and Pampa de Las Yeguas blocks in the Neuquén Basin.
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Vaca Muerta Drives Argentina’s Energy Expansion
Neuquén is home to Vaca Muerta, the shale formation that has transformed Argentina’s oil and gas growth outlook. In August 2026, the formation produced around 670,000 barrels of oil per day and 95 million cubic metres of natural gas per day, representing roughly 72% of Argentina’s oil production and 62% of its gas output.
Official data had already shown the rapid expansion a month earlier, when Vaca Muerta oil production reached 643,100 barrels per day in July, up 26.4% from a year earlier. Shale gas production stood at 96.5 million cubic metres per day during the same month.
This production growth is supporting new pipelines, export infrastructure and liquefied natural gas proposals designed to connect Argentina’s shale resources with international buyers.
Investment Fits TotalEnergies’ Global Growth Strategy
The Argentina plan also aligns with TotalEnergies’ wider production targets. In its latest strategy update, the company said it expects total energy production to grow about 4% annually through 2030, supported by oil, gas and electricity projects.
For the period from 2030 to 2035, TotalEnergies is targeting annual oil and gas production growth of 2% to 3%, backed by a portfolio of developments across several countries.
Argentina provides the company with both established production and access to large unconventional resources, particularly natural gas. That makes additional investment in Neuquén strategically relevant as global producers look for projects capable of supplying both domestic markets and export demand.
Argentina Targets a Larger Energy Export Industry
The investment was announced during an investment event in Paris as Argentina seeks additional foreign capital for energy, mining and infrastructure. The country has increasingly positioned hydrocarbons and minerals as major sources of future export earnings.
YPF’s long-term strategy illustrates the scale of those ambitions. The state-controlled energy company says it wants to become Argentina’s largest exporter by 2031, with global energy sales reaching about $50 billion annually.
Large-scale LNG projects could further expand that opportunity. Argentina LNG, a planned export development based on Vaca Muerta gas, is designed to connect the country’s growing shale production with overseas markets.
TotalEnergies’ planned $10 billion commitment therefore arrives as Argentina moves from primarily developing Vaca Muerta for domestic supply toward building a broader export-focused energy industry.
Sources: Reuters / TotalEnergies / Argentina.gob.ar / YPF
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