Speaking on the panel entitled “Vaca Muerta: From Self-Sufficiency to an Export Project”, the CEO emphasized the need for USD 19 billion in annual infrastructure investment. He also highlighted the vital importance of education and the critical role played by SMEs.

During the second block of the 23^rd ProPymes seminar entitled “Growing Together. Adding Value to Compete Both at Home and Away: A Display of Our Productive Potential,” Ricardo Markous shared a conversation with Camila Perochena, PhD in History and professor at Torcuato Di Tella University.

Analyzing the energy sector, Markous declared Vaca Muerta to be a “game-changer” for Argentina, providing 150 years of gas and 75 years of oil reserves. “In 2024, over 55% of the barrels produced in Argentina are coming from unconventional sources. By 2030, we anticipate producing 1.5 million barrels per day, thanks to Vaca Muerta.” On natural gas, he highlighted that by 2024, 70% of production will come from unconventional sources, and the target is to reach 230 million cubic meters per day, supported by some domestic LNG projects.

The economic impact of Vaca Muerta is already significant: “Between 2011 and 2022, Argentina faced a USD 32 billion energy trade deficit. In 2022, the deficit had shrunk to USD 4 billion. By 2023, it was nearly zero, and for 2024, we’re projecting a surplus in excess of USD 5 billion. By 2025, this could reach USD 8 billion, and by 2030, USD 24 billion, with energy exports surpassing USD 30 billion annually.”

The CEO emphasized the need to accelerate growth, indicating that, "we need to double the number of drilling rigs in Neuquén, where there are currently 40 in operation.” He then turned to the issue of infrastructure, highlighting the March inauguration of the expanded Oldelval system, now capable of handling over 300,000 barrels per day, as well as the completion of the Perito Moreno gas pipeline, with an expansion project already underway. He also noted the reversal of the Northern Gas Pipeline, which has eliminated Argentina’s need to import gas from Bolivia.

Markous went on to stress the critical role of education. “Through the GenEra program in Neuquén, we’re training teachers and students to prepare the next generation of talent.” He underscored the importance of SMEs in the value chain, calling for collective effort to support growth, as “This is fundamental and requires a lot of work from everybody.”

To close, he highlighted that the path to accelerating development depends on a stable macroeconomic environment. “Breaking free from the exchange rate trap will unlock investments. Adhering to rules like the Hydrocarbons Law and ensuring local prices match export prices is critical to speeding up these projects,” he stated.

Highlighting the company’s contributions to gas development, he pointed to Fortín de Piedra as one of the Techint Group’s flagship projects, adding that the intention is to maintain an output of 24 million cubic meters per day during winter. “Our focus now is on strengthening gas exports to neighboring countries as well as national LNG projects. In oil, our production currently stands at 20,000 barrels per day, and we’re looking to achieve the ambitious target of 100,000. Next year, we’ll be launching a USD 2 billion project in Los Toldos II Este, starting with 35,000 barrels per day and scaling up to 70,000. We want to replicate here what we achieved at Fortín de Piedra,” he added.

The CEO underscored the importance of competitiveness, noting that annual infrastructure investments of USD 19 billion are necessary. “We must be competitive. In shale, our competition is the United States. When we started, it took 40 days to drill a well—today, we do it in 19, thanks to the SME-driven value chain. This is a key factor for Argentina to establish itself as a global leader.”

The event was also attended by Paolo Rocca, Oscar Scarpari, CEO of Techint E&C; Martin Berardi, President of Ternium Argentina, and Javier Martínez Álvarez, president of Tenaris for the Southern Cone.