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2h ago

Argentina Moves to Scrap Export Duties on Conventional Oil in Deal With Chubut

The pact pairs federal tax relief with a Chubut royalty cut to revive mature oil fields.

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El Gobierno firmó un acta con Chubut para avanzar en la eliminación de las retenciones al petróleo convencional.
La producción de petróleo en áreas maduras de Mendoza, que ya pagan la mitad de regalías, promete crecer con la quita de retenciones.

Overview

  • The Economy Ministry and Governor Ignacio Torres signed an act committing the federal government to remove export duties on conventional crude at current price levels.
  • Chubut will lower royalties on conventional production from 12% to 8% as part of the agreement.
  • Producers pledged to sustain output and investment to keep activity and jobs in mature basins under a shared-effort framework.
  • The government plans to extend similar accords to other oil provinces, with Santa Cruz expected to sign next, and to formalize the change by decree once they join.
  • Consultancy Economía y Energía estimates a federal fiscal cost of about US$73 million per year, while Chubut projects roughly US$370 million in reinvestment in the Golfo San Jorge basin.