TotalEnergies plans $10 billion in Argentina energy projects

TotalEnergies has more than $10 billion in potential investments lined up for Argentina, CEO Patrick Pouyanné announced on October 1, 2026, during Argentina Week in Paris. The plans comprise up to $1.5 billion for offshore gas wells in Tierra del Fuego under the Alberdi Project, up to $4 billion over a ten-year horizon to expand gas capacity at Aguada Pichana in Neuquén, and roughly $5 billion in shale oil at the San Roque block.

The San Roque development aims to produce up to 60,000 barrels per day. Sergio Mengoni, country manager for Argentina, stated that the company will submit this crude oil project to the Large Investment Incentive Regime (RIGI) before July 2027, following discussions with Neuquén Governor Rolando Figueroa. In 2025, TotalEnergies had trimmed its local shale exposure by selling its 45% operated stake in Rincón de la Ceniza and La Escalonada to YPF for about $500 million.

TotalEnergies supplies nearly 25% of Argentina's domestic natural gas market. The group extracts roughly 20 million cubic meters per day offshore in Tierra del Fuego, reaching about 35 million cubic meters daily when combined with Neuquén output. At Aguada Pichana, the planned spending will expand plant capacity from 14 million to 16 million cubic meters per day.

Pouyanné attributed the capital commitment to the Argentine government's easing of dividend repatriation controls alongside the RIGI framework. Having invested nearly $6 billion in Argentina over the past decade, the CEO noted that the company will pace future profit remittances reasonably while continuing to reinvest locally.