Economy approves the RIGI for 620 wells in Bajo del Choique

The Ministry of Economy approved the adherence to the Incentive Regime for Large Investments (RIGI) of the hydrocarbon project “Exploration, Production, Treatment and Transport of Hydrocarbons Bajo del Choique-La Invernada,” presented by the joint venture Gas y Petróleo del Neuquén SA - Pluspetrol Cuenca Neuquina SRL – Unión Transitoria Exploración y Producción Bajo del Choique – La Invernada. The decision was formalized through Resolution 1808/2026 (RESOL-2026-1808-APN-MEC), signed on October 15, 2026, and published in the Official Gazette of the Argentine Republic on October 19, 2026, First Section.

A strategic export project in the North Hub

The regulation admits the venture as a Long-Term Strategic Export Project (PEELP), framed within the “Oil and Gas” Sector, “exploitation and production of new onshore liquid and gaseous hydrocarbon developments” Subsector. The area corresponds to the Non-Conventional Hydrocarbon Exploitation Concession “Bajo del Choique - La Invernada” (area “BdC-LI”), in the northern portion of the Neuquén Basin known as the “North Hub,” covering approximately 400 km² and located 40 km south of Rincón de los Sauces, province of Neuquén.

The requesting company, with CUIT 30-71920381-3 and address at Lima 339 in the Autonomous City of Buenos Aires, submitted the request on April 23, 2026. The RIGI Project Evaluation Committee, according to Minutes No. 31 of September 30, 2026, recommended approving the request, a criterion supported by the technical report from the Secretariat of Energy and without objections from the Central Bank of the Argentine Republic and the National Treasury Attorney’s Office.

Two stages and an investment of USD 12.240 billion

The investment plan is executed in two phases which, together, total USD 12.240 billion:

First stage: from May 22, 2025, to December 31, 2037, with USD 4.175 billion; it includes 206 horizontal wells and plants EPF#1 and EPF#2, for 50,000 barrels of oil per day.
Second stage: from September 1, 2026, to December 31, 2041, with USD 8.065 billion; it comprises the development of La Invernada, 414 additional wells, and plants EPF#3 and EPF#4.

A total of 620 horizontal wells are planned, drilled from grouped locations (pads) of six wells each, with lateral branches averaging 3,300 meters. The associated infrastructure includes four Early Production Facilities (EPF plants) of 25,000 bbl/day of oil and 3,000,000 Sm³/day of gas each, reaching up to 100,000 bbl/day and 12,000,000 Sm³/day; a 45 km oil pipeline to the Auca Mahuida terminal; a 20 km gas pipeline to Metering Station 2 (EMED 2); aqueducts, water reinjection systems, gathering lines, gas lift, electrical infrastructure, roads, and camps.

The firm declared that it will export 92% of its total production and that it will not create distortion in the local market.

Incentives, deadlines, and controls

The resolution determines the date of adherence to the RIGI as September 10, 2026, and requires the single project vehicle to certify, in the first and second year from notification, investments in computable assets for USD 635 million and USD 892 million respectively—that is, USD 1.527 billion, which is 20% above the required minimum. The deadline to complete the minimum investment for the PEELP category expires on April 30, 2029.

Among the benefits granted are:

The tax and customs incentives of Chapter IV, Title VII of Law 27,742, with a special CUIT (Tax ID) under the acronym “RIGI” managed by the Agency for Collection and Customs Control (ARCA).
The exchange rate incentives of Chapter V of the same title, which must be applied by the BCRA.
The exemption under Article 190 of Law 27,742 for an approved list of importable goods.
The acceptance of resolving disputes through the mechanisms of Article 221 of Law 27,742.

The Secretariat of Energy is in charge of supervision and compliance control, and the RIGI Coordination Unit must register the project in the Registry of Long-Term Strategic Export Projects created by Decree 749/2024. Notification must be carried out within five days.

This framework was made possible by Decree 105 of February 18, 2026, which expanded the Oil and Gas Sector activities of the RIGI to the exploration and production of new onshore developments, and by Decree 868 of September 3, 2026, which added requirements linked to Law 26,659 with the intervention of the Ministry of Foreign Affairs, International Trade and Worship.

Impact

With 620 wells and more than USD 12 billion committed, Bajo del Choique-La Invernada becomes the largest hydrocarbon project admitted under the RIGI and the first large-scale project oriented almost entirely toward crude oil exports from the Neuquén Basin. The regime ensures tax, customs, and exchange rate stability for decades, while the country seeks to consolidate itself as a long-term supplier in markets where its participation is below 10%.

Source: Official Gazette of the Argentine Republic, October 19, 2026, First Section, pp. 1-8 (official reference: RESOL-2026-1808-APN-MEC).