Argentina's oil and gas production is experiencing significant growth as several major foreign oil companies withdraw their investments in the country. In recent years, many of the largest international oil companies, including Exxon and Total, have sold off their assets in Argentina, leading to a vacuum in the industry. This has created an opportunity for domestic companies to increase their market share and production capabilities significantly.

Currently, Argentine firms control a staggering 82 percent of oil production and 77 percent of gas production in the nation, as reported by Financial Times referencing data from consulting firm Economía y Energía. The transition reflects a changing landscape in Argentina's energy sector, where local players are stepping up to fill the gaps left by foreign multinationals. A notable example is Equinor's decision to divest its entire onshore portfolio in Argentina, selling it for 10.6 billion kroner to Vista Energy.

While several international players have reduced their presence in Argentina, it is important to note that some large foreign companies remain active in the market. However, the growing influence of Argentine companies indicates a significant shift in the industry. The implications of this shift are profound, impacting everything from local economies to energy independence as Argentina continues to harness its own resources more effectively.