Mercuria-Backed Oil Driller Plots $6 Billion Argentina Shale Push.

The article focuses on Phoenix Global Resources Plc’s planned $6 billion expansion in Argentina’s Vaca Muerta shale region, leveraging the government’s RIGI program—an investor incentive initiative offering tax breaks and legal protections to energy projects. Backed by Mercuria Energy Group Ltd., which owns about 90% of Phoenix, the company aims to increase production significantly amid rising oil prices and improved market conditions under President Javier Milei’s administration. Milei’s policies, including prohibiting direct price controls and expanding RIGI to oil drilling, are intended to attract international investment and stabilize Argentina’s shale sector, contrasting with previous governments’ interventions. Phoenix’s strategy includes acquiring new assets and adding drilling rigs, while competitors Tecpetrol SA and Pampa Energia SA also pursue large-scale projects supported by infrastructure developments like new pipelines. [Extracted from the article]