RIGI: Amendments to the Oil & Gas Sector

Decree 105/2026, published in the Official Gazette on February 19, 2026, introduces amendments to Argentina’s Incentive Regime for Large Investments (RIGI), enacted through Law 27742 and regulated through Decree 749/2024 and its amendments. Although the Decree includes general amendments to the RIGI—including an extension of the application deadline until July 8, 2027—it also provides for specific modifications affecting the oil and gas sector, relating to both upstream and offshore activities.

Regarding upstream operations, the Decree expressly includes the exploitation and production of new onshore developments of liquid and gaseous hydrocarbons as eligible activities under the RIGI framework. This amendment is implemented by modifying articles 3 and 29 of Annex I of Decree 749/2024. The first one defines the sectors included in the RIGI, and the second one defines the minimum investment amounts for each sector.

“New onshore hydrocarbon developments” are defined in the new article 3 as those Single Project Entities (VPUs) located within hydrocarbon areas that:
 

1. did not have a significant level of development at the time the Bases Law 27742 was enacted,
2. do not have investments in exploitation or production activities at the time the RIGI application is filed.

On the other hand, the new article 29 establishes a minimum investment threshold in eligible assets of USD 600,000,000 for these projects.

The Decree further provides that where RIGI and non-RIGI activities coexist within the same hydrocarbon block, segregation and traceability must be ensured through a separate measurement system. In addition, the relevant VPU must hold exclusive title to the assets, rights, and operations allocated to the promoted project.

Regarding offshore activities, the Decree adjusts offshore exploration, exploitation, and production activities, reducing the minimum investment threshold for the exploratory and productive subsector from USD 600,000,000 to USD 200,000,000. The recitals of the Decree state that this adjustment is driven by the risk profile, capital intensity, and time horizon inherent to the offshore exploration, and seeks to harmonize the applicable criteria with those established for other strategic sectors included in the RIGI.

These amendments are expected to drive additional capital‑intensive investment, which is essential for the oil and gas sector and the economy as a whole.