French energy major TotalEnergies said it plans to invest close to $10 billion in Argentina, split across shale gas development in the Neuquén province and a new offshore project in Tierra del Fuego. Chairman and CEO Patrick Pouyanné made the announcement on October 1, 2026, at an investment conference in Paris.
"I am happy to announce that we have close to US$10 billion of investments ahead of us in Argentina," Pouyanné said, according to the Buenos Aires Times.
What is being built, and where
The largest single component is the development of the San Roque oil field in the Vaca Muerta shale formation in Neuquén province, which Pouyanné said could require approximately $5 billion. TotalEnergies also plans to expand its existing Aguada Pichana gas project in the same province, with a goal of raising output to 16 million cubic metres of gas per day.
A separate offshore project off Tierra del Fuego, named "Alberdi" after 19th-century Argentine constitutional writer Juan Bautista Alberdi, carries an estimated investment of $1.5 billion. Investing.com, citing the company, reported that TotalEnergies is targeting 4% annual growth in energy output through 2030, followed by 2-3% annual growth in oil and gas between 2030 and 2035.
Why Argentina, why now
The pledge was announced during President Javier Milei's visit to Paris as part of "Argentina Week," a roadshow aimed at attracting foreign capital, during which Milei was also scheduled to meet French President Emmanuel Macron, according to Investing.com. Pouyanné linked the decision to Argentina's changed macroeconomic conditions and regulatory framework, specifically citing the removal of barriers to repatriating dividends, the Buenos Aires Times reported.
TotalEnergies said it will use Argentina's Régimen de Incentivos para Grandes Inversiones (RIGI), a large-investment incentive scheme that offers tax and customs benefits, for the projects, according to the Buenos Aires Times.
TotalEnergies' existing footprint
TotalEnergies is already Argentina's largest natural gas producer, supplying roughly a quarter of the country's domestic gas output, the Buenos Aires Times reported. The company has invested close to $6 billion in Neuquén province over the past decade, according to the same report.
Vaca Muerta, the shale formation at the center of the new investment, is one of the world's largest unconventional oil and gas reserves. In August 2026 it accounted for 72% of Argentina's national oil output and 62% of its gas production, according to Investing.com.
Key figures in TotalEnergies' Argentina plan| Project | Location | Estimated investment |
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| San Roque oil field development | Vaca Muerta, Neuquén | ~$5 billion |
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| Alberdi offshore project | Tierra del Fuego | $1.5 billion |
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| Aguada Pichana gas expansion | Neuquén | Part of overall $10 billion plan |
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| Total announced commitment | Argentina (multiple sites) | ~$10 billion |
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What is not yet known
The sources reviewed did not specify a final investment decision date, a detailed project-by-project timeline beyond the 2030 and 2035 output targets, or whether all announced sums are new capital versus previously disclosed spending. TotalEnergies has not published a separate press release detailing the full breakdown at the time of this report.
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