The roundtable debate “Energy in Latin America: A Quest for Sustainability and Growth" brought regional energy leaders together to explore the opportunities and challenges shaping the sector—ranging from investment needs and regulatory hurdles to the vast potential of untapped resources.

During the session, Ricardo Markous offered valuable perspectives on Argentina’s evolving energy landscape, emphasizing the role of Vaca Muerta in securing the country's future as a major energy supplier.

The panel was moderated by Carlos Pascual, Senior Vice President of Geopolitics and International Affairs at S&P Global, and included the participation of Heloisa Borges, Director of Petroleum, Natural Gas and Biofuels Studies at the Energy Research Company; Luis Rosendo Gutiérrez Romano, Undersecretary of Foreign Trade of the Ministry of Economy of Mexico; Roberto Prisco Ramos, CEO of Braskem; Juan Manuel Rojas, President of Promigas; and Orlando Velandia Sepúlveda, President of the National Hydrocarbons Agency.

Unlocking Argentina's energy resources

Markous provided a candid assessment of Argentina’s energy policy evolution: “In the past, we had a deeply flawed system where rates were frozen and consumers were paying just 30% of the real cost of energy. The current administration is working to correct that and create a more sustainable framework.” He emphasized the enormous potential of Vaca Muerta, citing its estimated 300 trillion cubic feet (Tcf) of gas and nearly 20 billion barrels of oil. “We’re in the process of unlocking these resources, and it requires massive investment,” he noted.

Markous also highlighted Argentina’s rising production capacity and its growing influence on regional energy security. “Right now, Argentina produces around 750,000 barrels of oil per day, and we’re projecting that figure to double to 1.5 million by the end of the decade—90% of it coming from Vaca Muerta,” he said. “On the gas side, Vaca Muerta already supplies 70% of national demand. At Fortín de Piedra alone, we’re producing about 24 million cubic meters per day—that’s roughly 70 to 80% of Bolivia’s gas output, a country whose reserves are declining."

Expansion of production and regional integration

Markous emphasized Argentina’s long-standing investment in energy infrastructure, pointing to the country’s historical efforts to strengthen regional integration. “Back in the 1990s, Argentina built an extensive gas pipeline network connecting with Brazil, Bolivia, Uruguay, and Chile,” he said. “Now, thanks to Vaca Muerta, we’re reviving those export and trade opportunities. Bolivia will need gas from Argentina, and we’re aiming to reach Brazil through Bolivia, complete the pipeline to Uruguay and Porto Alegre, and expand from there. The driving force behind this renewed potential is Vaca Muerta’s gas.”

On the topic of energy exports, he noted a return to form. “Until 2007, we were exporting gas to Chile—and now we’re doing it again. We’re working toward a broader plan of South American energy integration, with a unified power grid and competitive energy prices,” he said. “Vaca Muerta is central to that vision.” Markous acknowledged the economic challenges but expressed cautious optimism. “The real issue has always been above ground. But the government is taking the right steps to bring down inflation, and that gives us confidence. In the past, we had to sell oil domestically at a discount to export prices.

Investment and innovation: key drivers of growth

Markous underscored that unlocking Argentina’s full energy potential will require serious capital investment. “The key is attracting investment,” he stated. “To scale up from 500,000 to 1 million barrels per day and continue expanding energy production, we estimate an annual investment of around $19 billion. There’s still work ahead, not just for Argentina, but to support and integrate our neighbors through energy cooperation.”

Innovation is a major pillar of Tecpetrol’s growth strategy. “We’re strongly focused on innovation because the unconventional industry demands highly efficient processes,” he explained. “In hydrocarbons, we’re pushing the envelope with our Real-Time Operation Center in Buenos Aires, where we monitor all our drilling operations across Latin America. We’re using artificial intelligence to analyze millions of data points, which is key to driving efficiency.”

He pointed to Vaca Muerta as a clear example of how tech is transforming operations. “When we began, it took more than 30 days to drill a well. Today, we’ve cut that time in half. We’ve also significantly reduced fracture times. That kind of productivity gain has a direct impact on cost—and much of it is thanks to AI-driven optimization.”

On the topic of education, Markous emphasized its strategic importance for the company and the broader industry. “We place a strong focus on education and technical training,” he said. “Our Roberto Rocca Technical School in Campana, Argentina, was recently recognized as one of the best in the world. We’re working to replicate that success in Mexico and Brazil. For the Techint Group, education is a core priority.”

He closed his presentation by stressing the need for a stable and transparent regulatory environment. “In the past, Argentina was burdened with excessive regulations that discouraged investment,” he noted. “The current government is taking steps to reduce that red tape and open the door for private sector participation. That’s the right path forward.”

Vaca Muerta holds extraordinary potential—not just for Argentina, but for the entire region and global markets. What we need now is a consistent set of rules: ones that are clear, practical, and not overly complex, so that private industry can do what it does best and drive development in the country.”