The math is simple, but Argentina keeps getting it wrong.
The country is sitting on one of the world's largest shale formations—Vaca Muerta holds 16 billion barrels of oil and 308 trillion cubic feet of gas. Foreign companies are lining up to invest: Eni and Abu Dhabi’s XRG are co-developing a $20 billion LNG project with YPF targeting a mid-2026 Final Investment Decision, and total hydrocarbon investment is projected to hit $11 billion this year alone. (Shell, notably, exited a separate LNG phase in December 2025 citing scope changes—a reminder that investor patience has limits.)
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