YPF: Oil giant registers a US$25bn oil project under country’s investment scheme

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YPF: Oil giant registers a US$25bn oil project under country’s investment scheme

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YPF

Oil giant registers a US$25bn oil project

under country’s investment scheme

Company Update

Argentina is already the leading Vaca Muerta developer 18 May 2026

Last week, Argentina’s state-owned energy company YPF proposed a US$25bn project Global Emerging Markets | Corporate

to accelerate development of the Vaca Muerta shale formation. The project called the Credit

LLL Oil project, is the largest to be proposed so far to RIGI, a program to provide LatAm | Argentina

Energyincentives for investment in growth sectors in Argentina. Incentives include legal, FX and

tax guarantees and other benefits. The company’s CEO indicated that the project will be Anne Milne

implemented over 15 year time period and will involve 1,152 wells that will pump Research Analyst

BofAS

240,000 bpd by 2032. All production would be destined for export. YPF’s total +1 646 855 4096

production 1Q26 was 525,000 boe/day including natural gas. We estimate that anne.milne@bofa.com

Argentina’s shale oil production will reach 1mm bpd by 2030. YPF currently accounts for Carlos Assumpcao, CFA Research Analyst

about 47% of the country’s crude oil production and 22% of its natural gas production. Merrill Lynch (Brazil)

carlos.assumpcao@bofa.com

We view this positively, but not without challenges

Argentina’s Energy sector has had a very positive track record of developing the

YPF: Higher px boost upstreamcountry’s vast Vaca Muerta acreage, and we expect growth will continue. But we

EBITDA; lag in downstream; VMOS torecognize that the country has a volatile political and economic history and that

add volumes in ‘27 11 May 2026governments and policies will change. To date, YPF has prudently managed its balance