Argentina is a major hydrocarbons producer and its potential to increase current production is undeniable. In Argentina there are nineteen sedimentary basins with a total surface of 1,750,000 sq km, at least five of them continue on Argentina’s continental shelf, while others continue below the sea. After a decade of market asymmetries, the industry is giving signs of recovery, with projections of production exceeding past averages. International favorable conditions, signs of a change in public policy towards the industry as well as positive results from initial off-shore explorations in our country’s vast continental shelf are exciting many well established players and newly arrived investors from the far east. This document comments on the main aspects related to the tax and legal regulatory issues of the upstream oil and gas industries and provides practical insights based on our experience assisting Chinese companies in arranging tax efficient and legally strong oil and gas business in Argentina.