Mendoza Replicates Brazilian Model of Restructuring with Smaller-Scale Independent Operators

Mendoza's Energy and Environment Minister, Jimena Latorre, and provincial Hydrocarbons Director, Lucas Erio, held a series of bilateral meetings at ROG.e 2026, the oil conference held in Rio de Janeiro, with executives from five independent Brazilian operators: Bossa Energy, Eneva, Origem Energia, PetroReconcavo and Brava Energia. The main objective was to present Mendoza's project portfolio and the regulatory instruments and incentives that the province is promoting to attract new investments in the hydrocarbon chain.

A restructuring strategy similar to Brazil's

The Mendoza delegation leveraged the international platform to highlight a strategic parallel between Brazil's experience and the changes currently underway in Argentina. Latorre emphasized that the profile of independent Brazilian operators is particularly interesting for Mendoza, given that both jurisdictions have experienced restructuring processes of their operator landscapes in recent years.

"Brazil is very interesting for us because it has gone through a restructuring of its operator landscape that is very similar to what is currently happening in Argentina"

, Latorre explained. The minister underscored the appeal of independent operators, which possess lighter structures, specialized knowledge, and capacity to incorporate technology and investment that increases the productivity of conventional fields.

Director Erio complemented that assessment with a deeper analysis of the Brazilian model.

"The Brazilian model went through several years ago the same process that Mendoza is currently going through in terms of reordering the operator landscape, with Petrobras' exit from onshore fields and the assumption of operations by smaller companies with lighter cost structures, and with greater capacity for integration and application of technology in these fields"

, he noted. This official provincial recognition reflects the importance of capturing operators with experience in mature fields and efficient operational models.

Mendoza presented its strategy in Brazil to promote unconventional oil.

Bilateral meetings: each operator's specialties

The meeting with Eneva, represented by Ricardo Pascotto, Executive Director of Operations and Maintenance, and Andrea Monte, Executive Director of Exploration, Development and Engineering, allowed discussion of opportunities for a Brazilian company with diversified activities in oil and gas exploration and production, natural gas commercialization, and electricity generation.

Origem Energia, through its Executive Director Luiz Felipe Coutinho, was another of Mendoza's counterparts. The company develops activities in energy and infrastructure and operates oil and gas fields, including mature deposits, exploration blocks and facilities for gas transport and processing. This profile aligns with Mendoza's priorities regarding revitalization of conventional fields.

Specialization in mature fields was at the center of the meeting with PetroReconcavo, represented by José Firmo, its Executive Director. As an independent operator, the company is engaged in revitalization and production of onshore deposits, as well as extraction, processing and transport of hydrocarbons, competencies demanded in the province.

For its part, Brava Energia, a Brazilian independent operator active in onshore and offshore segments of the hydrocarbon chain, participated in the delegation through Luiz Carvalho, Director of Finance and Investor Relations. During this meeting, Mendoza's comprehensive project portfolio was presented.

Project Portfolio: Conventional, Exploration and Unconventional

During bilateral meetings, the Mendoza delegation presented a diversified portfolio of investment opportunities spanning three main segments: conventional fields, new exploration areas, and unconventional development of Vaca Muerta in Malargüe.

In the conventional segment, Latorre explained the process of incorporating new operators that has already advanced in recent years. The province executed the transfer of 16 conventional areas through the Andes Plan and made additional awards through a continuous bidding system. This strategy seeks to add operators of different scales, each with investment capacity, technology and specialization tailored to the type of area.

The unconventional component represents a growth frontier for Mendoza. Studies conducted between 2024 and 2026 identified more than 850 square kilometers of prospective area in the southern province, where projects linked to Vaca Muerta already operate. Current players in this segment are YPF, Quintana Energy-TSB and Tango Energy, the three companies that hold licenses for unconventional activities in the Mendoza area.

Regulatory Framework: the new Hydrocarbons Law

The province is advancing in the modernization of the regulatory framework that supports petroleum activity. Latorre and Erio presented the new Hydrocarbons Law project sent by the Executive to the Legislature, which seeks to update regulations in force since 2006.

The regulatory proposal responds to the structural changes the industry in Mendoza and Argentina has experienced. The project incorporates tools aligned with the current reality of mature fields and unconventional development, aspects not foreseen in the previous regime. This regulatory update represents one of the province's key efforts to maintain competitiveness in attracting investments.

The scheme of fiscal and regulatory incentives also formed part of the comprehensive presentation received by Brazilian executives. The province seeks to combine modern regulations with economic instruments that make projects attractive to independent operators of different scales.

ROG.e 2026: A Global Platform for Connecting Investors

ROG.e 2026 convened in Rio de Janeiro more than 650 companies and representatives from more than 70 countries, consolidating itself as one of the main networking and investment spaces in the global oil industry. Mendoza's participation in the event was part of an international positioning strategy for the province as a hydrocarbon investment destination.

The Mendoza delegation took advantage of both bilateral meetings and the Mendoza Day, the space dedicated specifically to the province, to present its comprehensive strategy. Before business leaders and international investors, Latorre and Erio presented the provincial vision: sustain and increase conventional field production while advancing Vaca Muerta Mendoza development.

This participation allowed Mendoza to establish direct links with operators and international companies so they can evaluate firsthand the projects available in the province. The internationalization strategy responds to the need to attract capital and operational expertise in a context where technological changes and specialization requirements in mature and unconventional fields demand operators with specific competencies and financial capacity.