President Javier Milei's party won Argentina's mid-term legislative election on Sunday by a wide enough margin to secure his economic agenda, carrying most of the oil, natural gas and mining-rich provinces.
Milei's La Libertad Avanza party took nearly 41pc of the vote to 32pc for the closest rival, Fuerza Patria, with nearly 100pc of the votes counted. The president's party carried more than half of Argentina's 23 provinces, including the capital province of Buenos Aires.
The results in Buenos Aires were the opposite from early September, when Milei's party lost a provincial vote by 14 percentage points. This time it cruised with a 21-point victory.
The election clears the way for Milei's party and allies to have enough seats in the 257-member house and 72-member senate to push through the second phase of his structural adjustment reforms, including labor and tax law changes.
The victory also cements Milei's plans to keep Argentina squarely in the orbit of the US government. US president Donald Trump's extension of a $40bn lifeline in the weeks before the vote to stop the Argentinian peso from depreciating played a critical role, and Trump had conditioned the credit on Milei's party winning.
Trump has also said he wants to quadruple the amount of Argentinian beef that can enter the US with a reduced tariff.
The results come as investors weigh spending in major projects, including oil and gas pipelines and export facilities, and copper and lithium mining projects. It could also help his party push through pending legislation for renewable energy and green hydrogen that it has submitted.
Milei's party carried Neuquen, home to the unconventional Vaca Muerta formation that holds 16bn bl of crude and 308 trillion cf of natural gas, according to the US Energy Information Administration. Vaca Muerta is at the heart of state-owned YPF's plan to export 1mn b/d of crude and 30mn tonnes (t)/yr of LNG by the start of the next decade. La Libertad Avanza also won in the Rio Negro province, where new oil and gas export facilities will be built.
Oil output was 842,000 b/d in September, up by 13pc from a year earlier, according to the energy secretary's office. Gas output was 158mn m³/d in August, according to the most recent data available.
The president's party also did well in northern lithium and copper-rich provinces. Argentina is fourth globally in proven lithium reserves, with 4mn t, according to the US Geological Survey.
The results are also a boost for the government incentive program for large-scale investments, Rigi. Eight Rigi projects have been approved, including an oil pipeline, LNG facility, copper and lithium mines, steel mill and wind and solar plants. These projects represent nearly $12bn in investment. Another 22 projects, for $35bn, have been submitted for approval.

