Oil & Gas in Argentina Strategic Priorities and Investments Analysis¶
Strategic Priorities¶
The strategic priorities of major players in the Argentine Oil & Gas industry in 2024 and 2025 are heavily centered on the development and monetization of unconventional resources in Vaca Muerta, alongside efforts to enhance production, increase exports, and secure necessary infrastructure.
YPF S.A. is prioritizing the acceleration of production from Vaca Muerta, aiming to become a top 10 global shale producer and the leading energy exporter from Argentina. This includes a strong focus on increasing unconventional oil production and exploring large-scale GNL export projects.
Pan American Energy (PAE) is focused on maintaining its position as a leading hydrocarbon producer, with significant operations in both conventional areas like the Golfo San Jorge basin and growing involvement in Vaca Muerta. A key strategic priority is the development of an LNG export project to leverage gas resources.
Vista Oil & Gas has a clear strategic priority to drive rapid production growth in Vaca Muerta, specifically in shale oil, aiming to become a dominant independent operator in the formation. Their strategy includes increasing transportation capacity and improving operational efficiency through new technology. Exports are also a significant focus, contributing substantially to their revenue.
Tecpetrol is strategically shifting to accelerate its shale oil development plans in Vaca Muerta, building on its success as a major shale gas producer in the Fortín de Piedra block. They are also exploring opportunities for LNG exports.
Pluspetrol S.A. is prioritizing the development of its significant unconventional acreage in Vaca Muerta, including assets acquired from ExxonMobil. A key priority is securing funding to finance these development plans and increasing crude evacuation capacity through investments in midstream infrastructure. Their strategy includes ambitious production growth targets for both oil and gas from Vaca Muerta.
Compañía General de Combustibles (CGC) focuses on hydrocarbon exploration and production across various basins, with a strong position in the conventional Austral basin where they prioritize crude exports. They are also strategically evaluating opportunities to acquire new assets, particularly in Vaca Muerta, to expand their unconventional footprint.
Overall, the dominant strategic theme across these key players is the aggressive development of Vaca Muerta's unconventional resources to boost production and enhance export capabilities, signaling a clear focus on leveraging Argentina's prime shale assets for future growth and revenue generation.
Recent and Planned Investments¶
Major players in the Argentine Oil & Gas sector have demonstrated significant investment flows in 2024 and have announced substantial plans for 2025 and beyond, primarily targeting upstream development in Vaca Muerta and critical midstream infrastructure to support production growth and exports.
| Player Name | Recent Investments (2024) | Planned Investments (2025 & Beyond) | Investment Focus | Alignment with Strategic Priorities |
|---|---|---|---|---|
| YPF S.A. | Total investments exceeding USD 11 billion in the sector in 2024 (includes other players). Reported significant financial results in 2024, enabling investment. | Plans USD 5 billion in 2025. Ambitious five-year plan (2025-2029) with potential total investments of USD 30 billion. Exploring a third LNG project. | Primarily Vaca Muerta development (65% of 2025 plan). Production growth, unconventional oil increase, LNG export projects. | High. Investments are heavily concentrated in Vaca Muerta and projects aimed at increasing production and export capacity, directly aligning with their stated priorities of leading shale production and exports. |
| Pan American Energy (PAE) | Invested over USD 1.595 billion in exploration and exploitation in 2024. Involved in a project with Golar. | LNG export project with Golar estimated to involve over USD 1.65 billion in the first phase (2025-2031). Continued investments in conventional areas like Cerro Dragón. | Exploration and production (conventional and unconventional), LNG export infrastructure. | High. Significant investments in E&P support their position as a major producer, while the substantial planned investment in the LNG project directly aligns with their strategy to develop export capabilities. |
| Vista Oil & Gas | Invested over USD 1.1 billion in 2024. Connected 50 new wells. Increased transportation capacity and incorporated new drilling/fracturing equipment. | Plans to invest over USD 1.1 billion in 2025. Aiming for significant production growth. | Vaca Muerta unconventional development (drilling, completions, infrastructure). Increasing production capacity. | High. Annual investments exceeding USD 1.1 billion are directly aimed at accelerating shale oil production growth in Vaca Muerta and building necessary infrastructure, perfectly aligning with their core strategy. |
| Tecpetrol | Invested approximately USD 700 million in 2024 (60% in Fortín de Piedra). | Plans to invest USD 2 billion starting in 2025. Exploring LNG export possibilities. | Shale oil projects acceleration, Vaca Muerta development. Potential LNG infrastructure. | High. The significant planned investment starting in 2025 is specifically dedicated to accelerating their shale oil plans, demonstrating a strong alignment with their strategic shift towards oil production alongside gas. |
| Pluspetrol S.A. | Invested around USD 550 million in CAPEX in 2024. Invested USD 1.91 billion in asset acquisitions in 2024 (including ExxonMobil assets). Acquired a stake in the Oldelval pipeline. | Plans USD 650 million in CAPEX in 2025, potentially increasing to USD 800 million annually thereafter. Actively seeking USD 1 billion in financing. Ambitious production targets by 2028-2030. | Vaca Muerta development (especially Bajo del Choique – La Invernada), crude evacuation infrastructure, production growth. | High. Substantial investments in asset acquisitions and ongoing CAPEX in Vaca Muerta, coupled with efforts to secure financing and improve transportation, directly support their strategy of expanding their unconventional footprint and increasing production. |
| Compañía General de Combustibles (CGC) | Planned investments around USD 400 million annually for 2024-2025. Reportedly did not meet planned investment target in northern Santa Cruz in 2024. Agreed to transfer certain areas. | Plans annual investments around USD 400 million for 2025. Studying potential asset acquisitions in Vaca Muerta in 2025. | Exploration and production in existing basins, potential expansion into Vaca Muerta. | Moderate to High. While investments continue in existing areas, the reported shortfall in achieving planned targets in one region in 2024 and the focus on potentially acquiring Vaca Muerta assets indicate a strategic shift being explored, which future investments would need to reflect to show strong alignment. |
The alignment between the strategic priorities and investment flows of the major players is generally high. Companies prioritizing Vaca Muerta development are allocating the largest portions of their capital expenditure to this region, focusing on drilling, completion, and associated infrastructure. Similarly, companies with export ambitions are directing investments towards midstream capacity expansion and potential LNG projects. The significant investment levels planned for 2025 across the board underscore the commitment of these players to their stated strategic objectives, particularly the continued unlocking of Vaca Muerta's potential.
References¶
- Compañía General de Combustibles S.A. - Moody's Local Argentina. (2024, February 19). https://www.moodys.com/retrievepdf.aspx?docid=PBC_1297734
- Pluspetrol dio a conocer sus planes para el bloque estrella que compró a ExxonMobil. (2025, January 23). https://mejor-energia.com/pluspetrol-dio-a-conocer-sus-planes-para-el-bloque-estrella-que-compro-a-exxonmobil/
- YPF lidera el ranking de producción de petróleo y gas en Vaca Muerta: el listado, empresa por empresa - Infobae. (2025, February 5). https://www.infobae.com/economia/2025/02/05/ypf-lidera-el-ranking-de-produccion-de-petroleo-y-gas-en-vaca-muerta-el-listado-empresa-por-empresa/
- Tecpetrol proyecta una inversión de u$s 2000 millones para acelerar sus planes en el shale oil | Mejor Energía. (2024, December 12). https://mejor-energia.com/tecpetrol-proyecta-una-inversion-de-us-2000-millones-para-acelerar-sus-planes-en-el-shale-oil/
- La petrolera de Techint invertirá USD 2.000 millones para aumentar su producción en Vaca Muerta - Infobae. (2024, December 12). https://www.infobae.com/economia/2024/12/12/la-petrolera-de-techint-invertira-usd-2000-millones-para-aumentar-su-produccion-en-vaca-muerta/
- YPF presentó su plan a cinco años y anunció inversión de US$5.000 millones en 2025 – Comercio y Justicia. (2025, April 16). https://comercioyjusticia.info/energia/ypf-presento-su-plan-a-cinco-anos-y anuncio-inversion-de-us5-000-millones-en-2025/
- Tecpetrol anunció una importante inversión en Vaca Muerta - ArgenPorts. (2024, December 12). https://argenports.com.ar/nota/tecpetrol-anuncio-una-importante-inversion-en-vaca-muerta
- YPF se consolidó como el principal jugador de Vaca Muerta: ganó USD 2.393 millones en 2024 - Infobae. (2025, March 7). https://www.infobae.com/economia/2025/03/07/ypf-se-consolido-como-el-principal-jugador-de-vaca-muerta-gano-usd-2393-millones-en-2024/
- Pluspetrol anuncia plan de desarrollo en Bajo del Choique - InfoEnergía. (2025, January 27). https://infoenergia.com/pluspetrol-anuncia-plan-de-desarrollo-en-bajo-del-choique/
- Informe de Calificación - Tecpetrol. (2024, October 16). https://www.fixscr.com/Portals/0/Generales/RATING%20TEC%20VF.pdf
- YPF Apunta a Liderar Vaca Muerta con Ambicioso Plan de US$30 Mil Millones. (2025, April 18). https://energia.lamatanza.digitalsig.com/ypf-apunta-a-liderar-vaca-muerta-con-ambicioso-plan-de-us30-mil-millones/
- YPF creció en 2024 con el foco en Vaca Muerta - Energía. (2025, March 7). https://www.revistapetroquimica.com/ypf-crecio-en-2024-con-el-foco-en-vaca-muerta/
- Vista invertirá más de US$ 1.100 millones en 2025 producir 100.000 barriles en Vaca Muerta - EconoJournal. (2024, October 25). https://econojournal.com.ar/2024/10/vista-invertira-mas-de-us-1-100-millones-en-2025-producir-100-000-barriles-en-vaca-muerta/
- Vista Oil aumentó 40% su producción de gas y petróleo pero sus ganancias cayeron el año pasado - Yahoo Finanzas. (2025, February 26). https://finance.yahoo.com/news/vista-oil-aument%C3%B3-40-producci%C3%B3n-185300136.html/
- Pluspetrol SA - Informe de Calificación - Banco Provincia. (2025, April 23). https://bancoprovincia.com.ar/navegacion/images/pdf/pes/fma/Pluspetrol%20SA%20-%20Informe%20de%20Calificaci%C3%B3n.pdf
- El plan de Vista para alcanzar los 100.000 barriles diarios en 2025 - EnerNews. (2025, March 10). https://enernews.com/el-plan-de-vista-para-alcanzar-los-100-000-barriles-diarios-en-2025/
- PAE e YPF lideran la producción de hidrocarburos en 2024 - Energía Online. (2025, January 17). https://energiaonline.com/pae-e-ypf-lideran-la-produccion-de-hidrocarburos-en-2024/
- En 2024 se invirtieron más de USD 11.000 millones en el sector petrolero - Infobae. (2025, January 20). https://www.infobae.com/economia/2025/01/20/en-2024-se-invirtieron-mas-de-usd-11000-millones-en-el-sector-petrolero/
- Suscripción primaria de Obligaciones Negociables | IOL invertironline. (2025, January 17). https://www.invertironline.com/Uploads/informe_on/16115_pluspetrol.pdf
- La petrolera Vista cerró el 2024 con un aumento de producción del 51% y una mejora en la facturación de 41% - Infobae. (2025, February 26). https://www.infobae.com/economia/2025/02/26/la-petrolera-vista-cerro-el-2024-con-un-aumento-de-produccion-del-51-y-una-mejora-en-la-facturacion-de-41/
- Pluspetrol sale al mercado a buscar US$ 1.000 millones para financiar sus planes en Vaca Muerta - Forbes Argentina. (2025, January 17). https://www.forbesargentina.com/negocios/pluspetrol-sale-mercado-buscar-us-1000-millones-financiar-sus-planes-vaca-muerta-n32968/
- Compañía General de Combustibles SA anunció sus resultados anuales por el ejercicio económico de 2024. - CGC. (2025, April 11). https://www.cgc.com.ar/compa%C3%B1%C3%ADa-general-de-combustibles-sa-anunci%C3%B3-sus-resultados-anuales-por-el-ejercicio-econ%C3%B3mico-de-2024
- El ojo en Vaca Muerta: CGC estudia sumar activos en 2025 - Diario Río Negro. (2025, April 16). https://www.rionegro.com.ar/petroleo/el-ojo-en-vaca-muerta-cgc-estudia-sumar-activos-en-2025-3439375/
- Estas son las empresas líderes en petróleo y gas de Argentina: YPF dominó en 2024. (2025, February 5). https://www.bloomberglinea.com/2025/02/05/estas-son-las-empresas-lideres-en-petroleo-y-gas-de-argentina-ypf-domino-en-2024/
- Argentina tuvo un año histórico en la producción de hidrocarburos. (2025, January 24). https://www.argentina.gob.ar/noticias/argentina-tuvo-un-ano-historico-en-la-produccion-de-hidrocarburos/
- Compañía General de Combustibles SA - Informe de Calificación. (2024, May 3). https://www.fixscr.com/Portals/0/Generales/CGC%20Rating%20Report_Mayo%202024.pdf
- CGC acuerda con VenOil Energía la cesión de Piedras Coloradas y Cacheuta. (2025, January 13). https://energiaonline.com/cgc-acuerda-con-venoil-energia-la-cesion-de-piedras-coloradas-y-cacheuta/
- YPF en Wall Street: Marín destacó la resiliencia de Vaca Muerta, adelantó que negocia un tercer proyecto de GNL con una 'supermajor' y adelantó cuánto petróleo producirá en 2030 • econojournal.com.ar. (2025, April 11). https://econojournal.com.ar/2025/04/ypf-en-wall-street-marin-destaco-la-resiliencia-de-vaca-muerta-adelanto-que-negocia-un-tercer-proyecto-de-gnl-con-una-supermajor-y-adelanto-cuanto-petroleo-producira-en-2030/
- Vista anunció una inversión de u$s1.100 millones en 2025 en Vaca Muerta. (2024, October 24). https://www.ambito.com/economia/vista-anuncio-una-inversion-us1100-millones-2025-vaca-muerta-n5850184
- Tecpetrol, otra petrolera argentina que avanza con el diseño de una planta propia de GNL. (2024, October 10). https://mejor-energia.com/tecpetrol-otra-petrolera-argentina-que-avanza-con-el-diseno-de-una-planta-propia-de-gnl/
- CGC incumplió con el plan de acción, con la producción y con la inversión 2024 y la provincia lo quiere poner a administrar los recursos que deja YPF - OPI Santa Cruz. (2025, February 26). https://opisantacruz.com.ar/2025/02/26/cgc-incumplio-con-el-plan-de-accion-con-la-produccion-y-con-la-inversion-2024-y-la-provincia-lo-quiere-poner-a-administrar-los-recursos-que-deja-ypf/
- Vista Energy B de C : Nota de resultados 2024 y 4T 2024 | MarketScreener España. (2025, February 26). https://es.marketscreener.com/cotizaciones/accion/VISTA-ENERGY-S-A-B-DE-C-101146477/noticias/Vista-Energy-B-de-C-Nota-de-resultados-2024-y-4T-2024-48323721/
- PAE confirmó inversiones y cedió áreas en Santa Cruz - eolomedia. (2024, October 9). https://eolomedia.com.ar/pae-confirmo-inversiones-y-cedio-areas-en-santa-cruz/
- Pan American Energy presentó al RIGI su proyecto de exportación de GNL con Golar. (2024, November 22). https://mejor-energia.com/pan-american-energy-presento-al-rigi-su-proyecto-de-exportacion-de-gnl-con-golar/
- Suscripción primaria de Obligaciones Negociables | IOL invertironline. (2025, April 30). https://www.invertironline.com/Uploads/informe_on/16219_ypf_on.pdf
- Brochure Institucional 2024 - Pan American Energy. (2024, October 21). https://pan-energy.com/media/1j2gkvh1/brochure-institucional-paeg-2024.pdf
- Compañía General de Combustibles S.A. - Banco Provincia. (2025, February 27). https://www.bancoprovincia.com.ar/Uploaded/file/_fma_cgc_dic_2024.pdf
- CGC acuerda con VenOil Energía la cesión de Piedras Coloradas y Cacheuta. (2025, January 13). https://energiaonline.com/cgc-acuerda-con-venoil-energia-la-cesion-de-piedras-coloradas-y-cacheuta/
- YPF se consolidó como el principal jugador de Vaca Muerta: ganó USD 2.393 millones en 2024 - Infobae. (2025, March 7). https://www.infobae.com/economia/2025/03/07/ypf-se-consolido-como-el-principal-jugador-de-vaca-muerta-gano-usd-2393-millones-en-2024/
- CGC incumplió con el plan de acción, con la producción y con la inversión 2024 y la provincia lo quiere poner a administrar los recursos que deja YPF - OPI Santa Cruz. (2025, February 26). https://opisantacruz.com.ar/2025/02/26/cgc-incumplio-con-el-plan-de-accion-con-la-produccion-y-con-la-inversion-2024-y-la-provincia-lo-quiere-poner-a-administrar-los-recursos-que-deja-ypf/
- Compañía General de Combustibles SA anunció sus resultados anuales por el ejercicio económico de 2024. - CGC. (2025, April 11). https://www.cgc.com.ar/compa%C3%B1%C3%ADa-general-de-combustibles-sa-anunci%C3%B3-sus-resultados-anuales-por-el-ejercicio-econ%C3%B3mico-de-2024/
- El ojo en Vaca Muerta: CGC estudia sumar activos en 2025 - Diario Río Negro. (2025, April 16). https://www.rionegro.com.ar/petroleo/el-ojo-en-vaca-muerta-cgc-estudia-sumar-activos-en-2025-3439375/