00:00Señores ministros, señores gubernadores, embarradores, distinguidos participantes de esta jornada,
00:09es un verdadero placer estar hoy con ustedes en París y estar en Argentina week.
00:16That's all for my Spanish, to be honest.
00:18So now I will switch to English.
00:22But I'm very happy, of course, to welcome all of you in París.
00:27Of course, France and Argentina may not always agree.
00:32When we meet on a football or a rugby field, we certainly agree on one point.
00:38Argentina possesses extraordinary talent and resources.
00:43And I'm happy today to contribute to make them even better now.
00:49Total Agence has been operating in Argentina for nearly 50 years.
00:54A period in which the country has repeatedly demonstrated its ability to overcome challenges,
01:00that's quite a diplomatic language, and reinvent itself.
01:05We were there during the good times and also during the most challenging ones.
01:10And I have also to recognize that sometimes the situation me ha puesto un poco nervioso.
01:17But in fact, we have developed, I have developed a deep admiration for Argentina's resilience and creative spirits.
01:26That's why, by the way, there are many, many successful Argentinians in our company within Total Energies,
01:31and some of them are here in the room.
01:35Our oil and gas activities in Argentina are concentrated in two regions.
01:40In the south, in the Tierra del Fuego, where we have developed some offshore productions in harsh conditions from history.
01:50But we are continuing to invest, and I will come back on that.
01:53And in the Neocern, at the heart of the Baca Muerta, where we have developed a very large gas position,
02:00as we are today the largest gas producer in natural gas producer in Argentina.
02:05We produce almost 25% of the natural gas production for domestic purpose.
02:10And it's thanks to us, by the way, that our friends could then develop some export projects.
02:15Our history began, as I said, in Tierra del Fuego, where we are quite pioneers and developing this offshore.
02:23We have today a production there of around 20 cubic meters per day, of 20 million cubic meters per day.
02:31Then we moved in the Neocern, where we produce today around 14 million cubic meters per day.
02:37So globally, 45, I would say, 35 cubic meters per day.
02:45In Neocern, we were among the first to make these multifractured shed gas wells in 2012.
02:51And today, we continue to deploy our production.
02:55In the last 10 years, we have developed some projects, and we have invested almost $6 billion.
03:01It was easy, by the way, Minister Caputo, because as we didn't have the right to put the money out
03:05of Argentina,
03:06we were reinvesting the money.
03:07Otherwise, there was a devaluation, and the peso were worthing less.
03:11So that was a good engine for us to invest in your country.
03:14Thanks, good.
03:15Now we have some new, I would say, visibility.
03:19And thanks to what you explained, thanks to your government.
03:24With fundamentals reform, I remember the first time I met President Millet.
03:28It was in Buenos Aires in 2024.
03:31He told me, be patient.
03:32It will come.
03:33Well, I asked him some very simple concepts.
03:38The first one, but to be able to repatriate part of our dividend to Paris, to the headquarters.
03:45You know, for a global company, we invest, but we have also shareholders.
03:49They expect remuneration.
03:50So if we don't have the liquidity of our cash, that's a little complex to invest.
03:55So thank you to have taken that decision.
03:57And I'm happy that since 26, we can do that.
04:01And we are reasonable, because we know we don't have to rush as well to continue to reinvest, not to
04:06create a new crisis.
04:07But I wish that this policy, again, it's a fundamental policy for a global corporation like Total Energies, will be
04:14maintained.
04:15And I trust that.
04:17The second point, of course, as you said, you have decided some special regime, the famous RIGI-1, to encourage
04:23investments, which we intend, of course, it's a very important signal, which we intend, in fact, to use.
04:30So I would say today I'm quite happy to share with you that we have almost $10 billion of investments
04:36in front of us for Total Energies in Argentina.
04:38The first project, the first one is to develop quite an innovative project with electric subsea wells in Tierra del
04:49Fuego.
04:50I announced to President Millet that we want to invest $1.5 billion.
04:54And we just decided together to give the name of Progetto Alberti.
04:59It seems that he's a famous diplomat, and the president blessed the name.
05:03So Progetto Alberti is born today, and we will invest in order to produce more.
05:08It's $1.5 billion in Tierra del Fuego.
05:12Then in Neuquern, we produce gas.
05:16We have also a project there around.
05:18We have to invest because it's shell gas, so it's unconventional gas.
05:21You need to continue to invest, but not only want to maintain, but to enhance the production to 16 million
05:28cubic meters per day.
05:30I hope that I will convince you, Mr. Caputo, that RIGI is also applicable to that.
05:35But I have good hope.
05:37And then the last project we have, this one could represent around $4 or $5 billion of investments for the
05:4316 years.
05:44And then we have oil, because the news of 2526, the good news for the world, not only for Argentina,
05:51for Argentina first, is that now we can not only produce shell gas in the Neuquern, but shell oil.
05:56I understand production is reaching almost 500,000 barrels per day.
06:00And we have some blocks, some licenses.
06:02I will need to engage with, I think we will need to engage with the province of Neuquern, and there's
06:09a leadership of Governor Figueroa.
06:11So you are here.
06:14Governor, we need your help and your support to be able to launch these projects on San Roque.
06:18We could produce up to 60,000 barrels per day, which will represent quite a big investment of $5 billion.
06:24So all that is real projects.
06:26They are made possible because, as some of my peers say, it's a question of predictability, visibility, and maintaining this
06:33policy.
06:34That's, of course, super important for the country.
06:37We have been up and down.
06:39So we are on the up, as I said to the President, who has a little smoky or dark.
06:43No, there is a light.
06:44We need to maintain the light together.
06:46And I think the best way to maintain the light is to continue to invest in the country, to create
06:50wealth.
06:51And with wealth, we go in the virtuous circle.
06:55So that's what I wanted to tell you today to all my colleagues who are French colleagues in the room
07:00who are looking to Argentina.
07:01Can we invest in Argentina?
07:03Yes, we can.
07:04You can do it.
07:05You have to be resilient, like in any country.
07:08But at the end, it's a country with plenty of opportunities.
07:11I did not mention the last sector in energy, in which we invest as well.
07:14We are investing in renewables in Argentina.
07:17There is a lot of wind, for those who know the country.
07:20Good wind.
07:20We have already installed 300 megawatts of wind capacities, and we continue to develop it.
07:25And in fact, I will be a little bolder than Fatih, the best way to produce electricity is a combination
07:31of wind, renewables, and natural gas.
07:34So you have both.
07:36When you combine both, the intermittency is completely flexible assets.
07:40That's the best way to make cheap electricity.
07:43So you have both.
07:44For your country, we can develop it, and we intend to continue to contribute to that.
07:48It's part of our strategy.
07:49So finally, I want to conclude by, I think, the reforms that you have launched are really giving, creating a
07:57positive momentum to invest in Argentina, and TotalEnergy's intent to be part of it.
08:03And, you know, last time I came in the business address, we were speaking about dividends, about the problem of
08:09dividends, about some few issues in the past.
08:11All that has been put aside.
08:12Thank you to your government.
08:14It's the best way to, and I can ensure all investors that if you are resilient, and you find always
08:20a way to dialogue with Argentinians.
08:22They are like French people, they are Latins, you know, so at the end, it's a question of, they love
08:27dialogue.
08:28It took a little time from time to time, but if you dialogue, you find solutions.
08:31That's my experience there.
08:33So, and I would like, before to stop my speech, and to thank you again, to thank especially your ambassador
08:38in France, Jan Zielecki, which have organized this event.
08:42It's very instrumental in putting this dialogue together.
08:45So thank you to all of you, and Viva Argentina!
08:49Thank you.
08:52Thank you.
