Economy approves the RIGI for two gas projects in Vaca Muerta

The Ministry of Economy approved the adherence to the Incentive Regime for Large Investments (RIGI) of two single-project vehicles (VPU) from the oil and gas sector: Midstream de Gas del Sur SA and Procesadora de Gas del Sur SA. This was done through resolutions 1976/2026 (RESOL-2026-1976-APN-MEC) and 1977/2026 (RESOL-2026-1977-APN-MEC), both dated in the City of Buenos Aires on November 12, 2026, and published in the Official Gazette of the Argentine Republic on November 13, 2026. Both regulations bear the signature of Minister Luis Andrés Caputo.

The regulatory framework

The RIGI was created by Law 27,742 for vehicles holding a “Single Project” that meet the requirements of Title VII of said law. The Ministry of Economy acts as the Application Authority, according to articles 122 and 123 of Annex I of Decree 749/2024, and the RIGI Project Evaluation Committee—created by resolution 814/2024—analyzes the applications, with the Secretariat of Energy and Mining Coordination serving as the Coordination Unit. The procedures are established by resolution 1074/2024.

In both cases, the Committee recommended approving the applications in minutes dated October 19, 2026: Minute No. 33 for the Midstream project and Minute No. 32 for the Procesadora project. Both companies completed the documentation on October 14, 2026, a date that the resolutions establish as the date of adherence and acquisition of rights, pursuant to article 177 of Law 27,742.

577-kilometer multiproduct pipeline and fractionation plant

Resolution 1976/2026 approves the plan of Midstream de Gas del Sur SA (CUIT 30-71939706-5), holder of the “Transport, Fractionation, Storage, and Commercialization Project,” submitted on June 5, 2026, in file EX-2026-56212820-APN-SCEYM#MEC. The project includes:

• A multiproduct pipeline of 577 kilometers and 20 inches in diameter between the Tratayén Plant, in Neuquén, and General Daniel Cerri, in Bahía Blanca.
• A fractionation plant with a capacity for 90,000 barrels per day of natural gas liquids mixture.
• Three dedicated transfer pipelines of 16 kilometers toward the storage and dispatch plant.
• A storage and dispatch plant and connection lines at the Port of Bahía Blanca.

The purpose is the procurement and commercialization of propane, butane, and natural gasoline, predominantly for export. The total investment in computable assets amounts to USD 1,849,581,183.36, with USD 499,351,994 planned for the first year and USD 606,974,509 for the second. Construction began in May 2026, the start of operations is estimated for February 1, 2030, and the useful life is calculated at 30 years. The deadline to reach the minimum investment is July 31, 2027, and the local supplier plan commits to at least 20% of the investment amount.

Capture and processing of rich gas in the Neuquén Basin

Resolution 1977/2026 approves the adherence of Procesadora de Gas del Sur SA (CUIT 30-71938857-0), holder of the “Processing Project,” processed under file EX-2026-56201875-APN-SCEYM#MEC. The objective is to provide gas producers with capture and processing services for rich natural gas from the Neuquén Basin, through:

• A capture pipeline system with two 24-inch branches: the North, entering at Sierra Chata, and the South, at the Vaca Muerta Sur Pipeline in Fortín de Piedra, which converge at kilometer 32.
• A unified 30-inch pipeline to the Tratayén Processing Plant.
• A liquid separation plant with a total capacity of 1.2 billion standard cubic feet per day.

The plan provides for the conversion of cryogenic modules Propak P1 and P2, operational at the Transportadora de Gas del Sur SA (TGS) plant, and the incorporation of two new modules, Propak P3 and P4. The declared investment is USD 1,394,701,392.84, with USD 239,429,157 in the first year and USD 360,117,888 in the second, and the deadline for the minimum investment amount is September 30, 2027.

Benefits and obligations

Both resolutions require proof, in the first two years, of an investment equal to or greater than 40% of the minimum amount, order the registration of the SPVs in the Single Project Vehicle Registry, and entrust oversight to the Secretariat of Energy. They also notify the Collection and Customs Control Agency (ARCA) for the generation of a special CUIT and the application of tax and customs incentives, and the Central Bank of the Argentine Republic (BCRA) for exchange rate incentives. The difference is that Midstream did request the benefit of free availability of foreign currency under Article 198, while Procesadora excluded it.

The two approvals consolidate the RIGI as a tool to deploy gas infrastructure in the Neuquén basin, with works aimed at expanding the export outlet via Bahía Blanca and adding processing capacity in Tratayén before 2030.

Source: Official Gazette of the Argentine Republic, November 13, 2026, First Section (official reference: RESOL-2026-1976-APN-MEC and RESOL-2026-1977-APN-MEC).