Argentina's Oil and Gas Boom: Inside the Vaca Muerta Revolution

Argentina is emerging as one of the world's most exciting unconventional oil and gas stories. In this episode, host David Austin sits down with Nick Duncan, Chief Oil and Gas Advisor for Asia Pacific Economics, to unpack the forces behind the country's dramatic production surge.

Nick explains the significance of the Neuquén Basin and its now-famous Vaca Muerta shale formation, and traces how Argentina's declining conventional output has been overtaken by exponential growth in unconventional oil and gas since the early 2010s. The conversation covers the billions of dollars flowing into upstream investment and LNG infrastructure, the mix of local operators and returning international majors, and how President Milei's RIGI investment framework is reshaping the country's appeal to foreign capital.

The discussion also looks ahead to major pipeline and LNG export projects set to transform Argentina into a global energy exporter over the next decade, along with bullish production forecasts from both government officials and industry analysts. Nick closes with a candid take on the one variable that could make or break this growth story: political stability.

A must-listen for anyone tracking global energy markets, emerging shale plays, or Latin American investment trends.

Look out for a companion piece from Asia Pacific Economics CEO Rajiv Biswas, offering further insight into President Milei's policies.

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After decades of nationalisation, strikes, expropriations, and crippling US sanctions, Venezuela's oil sector is showing signs of life — but is it a genuine renaissance or a fragile window of opportunity?

In this episode, host David Austin sits down with Nick Duncan, Chief Oil & Gas Advisor at Asia Pacific Economics and a veteran of the global energy industry, to unpack one of 2026's most consequential energy stories.

Nick traces Venezuela's oil history from its 3-million-barrel-a-day peak before the 1976 nationalisation, through the talent exodus of the early 2000s, the forced licence restructuring of 2007, and the double blow of US sanctions in 2017 and 2019 — which pushed production well below 1 million barrels a day.

Then comes the reset. The departure of the Maduro government, the installation of the Delcy Rodriguez administration, and a sweeping package of US OFAC general licences — including the landmark GL50A — have reopened Venezuela to international oil companies for the first time in years. Nick walks through exactly what has changed in the hydrocarbon law, why US-law-governed contracts matter, and what it means that minority JV partners can now assume operatorship.

We cover the specific deals signed by Chevron, ENI, Repsol, Shell, BP, Maurel & Prom, and new US entrants Hunt Energy and Cross Energy — and why ExxonMobil and ConocoPhillips are notably absent.

Nick also explains the often-overlooked challenge of Venezuela's heavy, sulphurous Orinoco crude: why only certain refineries in the world can process it economically, and why US Gulf Coast refiners are uniquely positioned to benefit.

Key topics covered:

• Venezuela's cyclical history of opening and closing to foreign investment
• The 2026 hydrocarbon law reforms and OFAC general licence framework
• Company-by-company breakdown of new deals and asset positions
• The heavy crude refining constraint and its strategic implications
• Near, medium, and long-term production outlook (and the $110 billion question)

Asia Pacific Economics delivers expert analysis on the economic and market forces shaping the Asia-Pacific region and beyond. Subscribe for new episodes every fortnight.

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