Bloomberg reported that Argentina’s RIGI investment program could see reviews slow after senior energy official Daniel González resigned, as applications include about US$70 billion in planned oil-well spending.
González announced his resignation Thursday night on a podcast. He said he had wanted to leave earlier but stayed while the government worked through a surge of proposals. “The rest of the team marches on. I’m the only one leaving,” he said.
González had led RIGI, Argentina’s initiative for attracting investment. Bloomberg reported that the government expanded it earlier this year to cover oil wells in the Vaca Muerta deposit in Patagonia. Bloomberg described the shale expansion as one of the country’s rare areas of economic strength.
Energy analyst Juan Jose Carbajales, who runs the Paspartu consultancy in Buenos Aires, said applications had increased and could keep coming in the coming months. He said assessments are complex and could slow if the RIGI committee lacks a leader. Eduardo Falcone, a lawmaker in a small bloc allied with President Javier Milei, said approvals had picked up after González acknowledged earlier delays. Falcone said in an X post that the resignation could make the process harder.
RIGI offers participating projects tax, currency and customs protections for 30 years. If Argentina breaches a contract, investors may bypass local courts and seek international arbitration, Bloomberg reported.
Bloomberg also reported that pending applications could be shelved if a government less supportive of business takes power after next year’s election. Energy companies regarded González as receptive to their priorities, according to the report. His previous roles included investment banking at Merrill Lynch and serving as chief executive of state oil company YPF SA. He had also overseen the Milei administration’s efforts to reduce energy subsidies and move prices closer to market levels.
Carbajales expects the volume of applications to keep growing in the coming months.
