Dollar-strapped Argentina announces incentives for oil and gas industry

The measures had been announced on Thursday – and follow other incentives for the agribusiness and tourism sectors also meant to attract dollars – and were formalized on Friday by new Economy Minister Sergio Massa.

The measures will benefit only companies that invest a minimum of $50 million.

Argentine President Alberto Fernandez has long sought to attract new investments to the country‘s huge Vaca Muerta shale formation, one of the world’s most important for unconventional hydrocarbons.

Developing Vaca Muerta could make Argentina a net exporter of oil and gas, bringing in badly needed dollars into the economy.

Under Fernandez, the country has imposed rigid currency controls that have failed to abate inflation, expected to hit 90% this year.