# Milei's RIGI clears mega energy bets: YPF's US$25bn project, San Matías pipeline
> The large-investment regime tops 18 approved projects and >US$22.5bn; critics cost the fiscal giveaway at ~US$1.8bn a year

**Meta:** type: story · date: 2026-06-02 · heads: Dinheiro de quem, O jogo longo · 7 takes · 3 lenses · 1 regions

## Summary

[Javier Milei](/pt/entity/javier-milei)'s RIGI large-investment incentive regime hit 18 approved projects and more than
US$22.5bn committed. In June 2026 the RIGI Committee approved the San Matías gas pipeline (27
million m³/day, Neuquén to Río Negro) and a roughly US$1.3bn Southern Energy gasduct for LNG
export. [Ypf](/pt/entity/ypf) filed the largest-ever RIGI bid — a US$25bn "LLL Oil" project (1,152 wells,
240,000 bbl/day from 2032 in [Vaca Muerta](/pt/entity/vaca-muerta)) — and plans a further ~US$20bn LNG application with
partners. Critics including El Destape and AgendAR flag roughly US$1.8bn a year in foregone
fiscal revenue and "enclave economy" risk. The bets anchor Argentina's export and reserve story
(see [IMF clears Argentina's second review, then orders Milei to keep buying dollars](/pt/n/milei-imf-second-review)).

## By the numbers

- 18 — RIGI projects approved.
- >US$22.5bn — total committed under the regime.
- US$25bn — YPF's record "LLL Oil" bid (1,152 wells; 240k bbl/day from 2032).
- ~US$1.8bn/yr — critics' estimate of foregone fiscal revenue.

## Why it matters

Vaca Muerta exports are central to Argentina's plan to earn dollars and rebuild reserves; the
RIGI's tax and customs guarantees are what unlock the capital. The fight is over the trade-off —
investment and FX inflows now versus decades of tax concessions and an enclave structure with
thin domestic linkages.

## What to watch

- Final approval and financing of YPF's US$25bn project and the LNG plans.
- Construction milestones on the San Matías pipeline.
- Fiscal-cost debate and any RIGI design changes.

## Regional takes (batched by bias / lens)

### unlabelled
- **El Cronista (RIGI gasoducto approval)** (Argentina, es) — Reports the RIGI Committee's approval of a ~US$1.3bn Southern Energy gas pipeline for LNG export from Vaca Muerta — one of the June approvals underlying the regime's running total of committed investment.
  Source: https://www.cronista.com/negocios/el-gobierno-aprueba-el-rigi-para-el-gasoducto-de-us-1300-millones-que-southern-energy-hara-para-exportar-gnl-de-vaca-muerta/
- **Ámbito** (Argentina, es) — 
  Source: https://www.ambito.com/economia/rigi-los-proyectos-aprobados-implicarian-perder-ingresos-fiscales-us1800-millones-al-ano-n6283728
- **El Sol** (Argentina, es) — 
  Source: https://www.elsol.com.ar/el-pais/ypf-presento-el-mayor-proyecto-del-rigi-usd-25-000-millones-para-exportar-petroleo-de-vaca-muerta/
- **El Día** (Argentina, es) — 
  Source: https://www.eldia.com/nota/2026-5-15-18-0-0-ypf-anuncio-un-nuevo-rigi-de-us-25-000-millones-para-desarrollar-vaca-muerta-politica-y-economia
- **AgendAR** (Argentina, es) — 
  Source: https://agendarweb.com.ar/2026/06/02/rigi-los-proyectos-aprobados-restaran-ingresos-fiscales-por-us-1-800-millones-al-ano/

### center-right / pro-investment
- **La Nación** (Argentina, es) — Frames YPF's record US$25bn 'LLL Oil' RIGI filing — 1,152 wells, 240,000 bbl/day from 2032 — as validation of the regime and of Vaca Muerta's export potential, emphasising scale and jobs over fiscal cost.
  > "YPF announced a new RIGI bid worth US$25 billion to develop Vaca Muerta crude for export."
  Source: https://www.lanacion.com.ar/economia/ypf-anuncio-un-nuevo-rigi-por-us25-mil-millones-nid15052026/

### left / critical of fiscal cost
- **El Destape** (Argentina, es) — Argues the RIGI builds an 'enclave economy' that does not trickle down into development, stressing the foregone tax revenue and the export-led, low-linkage structure of the approved projects.
  > "The enclave economy under the rule of the RIGI does not spill over into development."
  Source: https://www.eldestapeweb.com/economia/economia-enclave-imperio-rigi-no-derrama-desarrollo-2026623182628

## Across the graph
- Related: [[milei-imf-second-review]]
- Entities: Javier Milei, Argentina, Ypf, Vaca Muerta

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Canonical: https://rbtfl.xyz/pt/n/argentina-rigi-vaca-muerta-2026