International interest in Argentina is picking up again, especially in the energy sector, as business-friendly reforms introduced by President Javier Milei begin to reshape investor sentiment toward South America’s second-largest economy.
Multinational firms are now exploring mergers and acquisitions (M&A) opportunities across key sectors. If the momentum continues, Argentina’s M&A market could see significant growth in the coming years, according to Juan Tripier, director of M&A and corporate finance at PricewaterhouseCoopers (PwC) Argentina.
Speaking to Reuters, Tripier credited much of the renewed optimism to Milei’s proposed legislation—the Large Investment Incentive Regime (RIGI). The plan offers tax breaks and other benefits to attract major foreign investment into the country.
Government officials estimate that deregulation and investment-friendly policies could boost energy investment in Argentina from $2.5 billion to $15 billion by 2025.
In 2023, Argentina recorded 99 M&A deals across sectors, totaling $8.9 billion, according to PwC data. The energy and resources sector led the way, accounting for about 30% of the number of transactions and nearly 70% of their total value, with mining attracting the highest investment.
“Argentina is no longer a ‘bad word’ for investors,” Tripier said. “There’s a lot of excitement, and it’s shared by both international and local players.”
The optimism is especially strong in the energy sector, where Argentina’s shale-rich Vaca Muerta basin is seeing a surge in oil and gas activity. Once considered overhyped, the region is now delivering results. In December 2024, Argentina produced a record 757,122 barrels of crude oil per day—surpassing Colombia’s output.
Vaca Muerta’s growth is driven by global demand for lighter, sweeter crude, which is easier to refine and results in lower emissions.
With structural reforms, improved investor sentiment, and rising production, Argentina appears to be back on the map for global capital.