Argentina President Alberto Fernández unveiled the country’s long-awaited natural gas scheme on Thursday from the heart of the Vaca Muerta shale formation in Neuquén province.

Alberto Fernandez

“We’re convinced that we are investing in Argentina for the country’s development,” Fernández said.

The president spoke from the oil and gas fields at Loma Campana, considered one of the flagship developments of Vaca Muerta. Shut-ins there earlier this year were a symbol of a once booming industry slipping into a rut.

Fernández said that spurred by the plan, known as Plan Gas 4, the state producer YPF SA would invest $1.8 billion in gas production over the next three years. The plan would leave the state company “more alive and stronger than ever.

“And not just YPF, imagine what all...