Milei's RIGI clears mega energy bets: YPF's US$25bn project, San Matías pipeline
The large-investment regime tops 18 approved projects and >US$22.5bn; critics cost the fiscal giveaway at ~US$1.8bn a year
Summary
Javier Milei's RIGI large-investment incentive regime hit 18 approved projects and more than US$22.5bn committed. In June 2026 the RIGI Committee approved the San Matías gas pipeline (27 million m³/day, Neuquén to Río Negro) and a roughly US$1.3bn Southern Energy gasduct for LNG export. Ypf filed the largest-ever RIGI bid — a US$25bn "LLL Oil" project (1,152 wells, 240,000 bbl/day from 2032 in Vaca Muerta) — and plans a further ~US$20bn LNG application with partners. Critics including El Destape and AgendAR flag roughly US$1.8bn a year in foregone fiscal revenue and "enclave economy" risk. The bets anchor Argentina's export and reserve story (see IMF clears Argentina's second review, then orders Milei to keep buying dollars).
By the numbers
- 18 — RIGI projects approved.
US$22.5bn — total committed under the regime.
- US$25bn — YPF's record "LLL Oil" bid (1,152 wells; 240k bbl/day from 2032).
- ~US$1.8bn/yr — critics' estimate of foregone fiscal revenue.
Why it matters
Vaca Muerta exports are central to Argentina's plan to earn dollars and rebuild reserves; the RIGI's tax and customs guarantees are what unlock the capital. The fight is over the trade-off — investment and FX inflows now versus decades of tax concessions and an enclave structure with thin domestic linkages.
What to watch
- Final approval and financing of YPF's US$25bn project and the LNG plans.
- Construction milestones on the San Matías pipeline.
- Fiscal-cost debate and any RIGI design changes.