BUENOS AIRES -(Dow Jones)- The Argentine government on Wednesday launched a tax rebate program aimed at boosting the oil reserves, production and refinement.

"This program will give companies an incentive to explore for and produce more oil to help us meet the increasing demand for energy in the country," Planning Minister Julio De Vido said in a speech.

De Vido said the tax incentives will be granted under programs known as Petroleum Plus and Refinement Plus.

"By doing this, we will be increasing the supply of energy, which will allow for greater economic activity around the country," De Vido said.

-By Taos Turner, Dow Jones Newswires; 5411-4590-2421; taos.turner@dowjones.com