Between national engine and corporate plunder: the drift of Argentina´s Fiscal Oilfields YPF

(published in November 2025)

Few symbols encapsulate Argentina’s national development narrative and its ups and downs like Yacimientos Petrolíferos Fiscales (YPF) (fiscal oilfields). YPF is at the heart of Argentina’s political imagination: it is not just another company, it is virtually an economic sector in itself, and thus plays a key role in the future of the national economy. It is at the centre of controversies about the country’s direction.

The YPF case is relevant first, because it highlights the link between these operations and broader access to capital markets in the quest to generate investment income. And second, because it exposes the inconsistencies of the international investment protection system, which enables large corporations to engage in predatory practices, creating severe macroeconomic problems for Argentina. Both rely on lawsuits, but also exert pressure on the country to maintain a sound reputation, which is basically a form of blackmail that limits the policy options available to successive governments. Governments thus refrain from implementing policies that could benefit the population at large for fear of legal reprisals by investors.

This report presents the key elements for understanding the future of YPF, which is now hamstrung by overlapping institutional constraints that prevent it from becoming a vehicle for more equitable economic development. It reviews the company’s recent history in order to understand its link to broader national reform processes.