The Ministry of Energy of Argentina aims to boost the country's crude oil production by 23% by 2025, from 531,000 bbl/d in 2015 (more than 518,500 bbl/d in 2014) to 653,000 bbl/d in 2025. Around US$50bn will be necessary to develop upstream, downstream and power projects until 2025.
Argentina is seeking to cut its crude oil imports and the cost of its LNG imports through new gas imports from neighbouring Chile and through LNG tenders on the open market; according to the Ministry of Energy, LNG imports will continue over at least five years.
In March 2016, the new government introduced a US$7.5/bbl subsidy on crude oil exports as long as global crude oil prices remain below a level of US$47.5/bbl. It is trying to attract foreign investments in the domestic oil industry, which have avoided the country since the nationalisation of a 51% stake in national oil company YPF held by Repsol in April 2012.