- TotalEnergies plans nearly $10 billion in Argentina over coming years, CEO Patrick Pouyanne announced during President Milei's Paris visit.
- Company will invest $1.5 billion to develop its offshore gas field off Tierra del Fuego, already producing 20 million cubic meters daily.
- Most investment focused on Neuquen province to expand shale gas operations and now shale oil production.
- TotalEnergies is Argentina's largest international gas producer and also operates wind and solar sites across the country.
- The group aims to raise annual gas and oil production two to three percent between 2030 and 2035.
French energy giant TotalEnergies will invest nearly $10 billion in the coming years to expand its operations in Argentina, its chief executive said Thursday as Argentine President Javier Milei visited Paris.
“I’m happy to announce that we have close to $10 billion of investments ahead of us in Argentina,” Patrick Pouyanne said at a conference.
TotalEnergies is the largest international gas producer in the country, with both onshore and offshore fields, and also operates wind and solar sites.
The company told investors at a strategy presentation this week that it planned net overall investments of $14 to $17 billion a year for the 2027-2032 period.
The money was intended for existing projects, the company added.
It intends to invest $1.5 billion into developing its offshore gas field off the coast of Tierra del Fuego, southern Argentina, which already produces 20 million cubic metres of gas a day.
But most of the investment will go towards operations in Neuquen province, northern Patagonia, where it has shale gas operations.
“The good news for the world, not only for Argentina, is that we can now not only produce shale gas at Neuquen but also shale oil,” said Pouyanne.
He said the company also wanted to keep developing wind power in Argentina.
On Monday, the group announced it wanted to increase its annual production of gas and oil by two to three percent between 2030 and 2035.
