Macri's Argentina attracts US$19bn of energy investment pledges

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Monday, April 17, 2017

Argentina's power generation and upstream hydrocarbons segments attracted pledged investments totaling US$19bn between December 11, 2015, and March 22, 2017.

Oil and gas projects accounted for US$9.5bn of the total, state news service Télam reported, followed by conventional (US$5.5bn) and renewable (US$4bn) power generation.

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Market-friendly economic reforms undertaken by President Mauricio Macri, who was sworn in on December 10, 2015, combined with the ongoing liberalization of the industry by energy minister Juan José Aranguren, have opened the floodgates for investment in the industry.

Oil companies Tecpetrol and Pan American Energy announced investments of US$3.2bn and US$1.4bn, respectively, during the period.

State oil company YPF, meanwhile, said it plans to launch 10 pilot projects this year targeting the Vaca Muerta shale deposit, with a focus on the formation's dry natural gas window.

Following the successful RenovAr Ronda 1 and Ronda 1.5 renewable energy tenders in 2016, Argentine authorities expect to launch RenovAr Ronda 2 in the second half of this year.

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