The transaction structure changed between January and April 2026. The original agreement announced January 22 would have given Pluspetrol 44.44% of VMI’s shares in exchange for the three conventional areas. By April 30, the parties restructured the deal to grant direct contract participation instead of equity in the holding vehicle, conditional on regulatory approvals. The revised framework allowed Pluspetrol to bypass VMI ownership and take contractual rights in the two Vaca Muerta blocks directly.
La Escalonada spans 239 square kilometers in the oil window of the Neuquén formation. Rincón La Ceniza lies in the wet gas window and carries strategic value for Argentina LNG, the export project YPF has prioritized since acquiring VMI from TotalEnergies in August 2025 for $500 million. That purchase included the 45% stake the French major held as operating partner. YPF cited Rincón La Ceniza’s gas potential as a core input for liquefaction infrastructure planned in the southern Neuquén province.
Separately, Pluspetrol filed for RIGI incentives in April to develop Bajo del Choique-La Invernada, purchased from ExxonMobil in late 2024. The $12 billion project targets 100,000 barrels per day through four processing plants and more than 600 wells over 25 years. The first phase, focusing on the southern zone, aims for 50,000 barrels daily and 6 million cubic meters of gas. Phase two will mirror that output in the northern section, reaching peak production of 100,000 barrels and 12 million cubic meters of gas daily.
This article was curated and published as part of our South American energy market coverage.
