Argentina's oil firms plan $13.9 bn upstream investment for 2026

Argentine oil companies forecast a total upstream outlay of US$13.89 billion in 2026, an 8.2% rise over 2025 spending and 14.4% above the 2025 plan. The surge is driven by the Vaca Muerta shale play, where projected investment jumps from US$8.89 billion in 2025 to US$12.30 billion this year, a 38.4% increase that offsets a near‑60% decline in conventional drilling.

State‑controlled YPF will lead the spending with US$5.68 billion, a 18.6% overall rise and 35.7% growth in Vaca Muerta, while most of its budget focuses on non‑conventional operations. Other major investors include Pluspetrol (US$1.65 billion) and Tecpetrol (US$1.28 billion). The sector expects bottlenecks from limited pipeline capacity to ease once the Vaca Muerta Oil Sur pipeline becomes operational by late‑2026 or early‑2027.