The development of a major oil field in Argentina’s thriving Vaca Muerta shale area is expected to advance thanks to President Javier Milei’s massive investment incentive package. The privately held driller Pluspetrol SA announced that it would expedite Bajo del Choique-La Invernada production under Milei’s so-called RIGI project, which was expanded to include shale oil wells earlier this year.
Pluspetrol applied to RIGI on Thursday, stating that it will invest US$12 billion to attain daily output of 100,000 barrels of crude and the equivalent of another 73,000 barrels of gas over around two decades. Pluspetrol bought the area from Exxon Mobil Corp. eighteen months ago. Bajo del Choique-La Invernada is the largest project yet to apply for inclusion in RIGI, although other drillers are also accelerating their Vaca Muerta oil plans.