Manantiales Behr, a key conventional oil field with a third-quarter 2025 output near 25,000 barrels per day, includes full exploitation rights and control over critical regional pipelines such as El Trébol–Caleta Córdova and Manantiales Behr–Cañadón Perdido. The sale formed part of YPF’s strategic realignment towards unconventional assets like Vaca Muerta, aiming to optimize portfolio profitability by exiting mature conventional fields. Rovella Capital’s bid exceeded competitors by over $150 million, a decisive factor in YPF’s initial selection, yet it exposed the deal to financing vulnerability.
With the payment deadline approaching unmet, YPF has initiated contacts with secondary bidders including Pecom (Pérez Companc Group), Capsa, and Grupo San Martín, all possessing the technical and financial capacity to operate mature assets. Pecom, notably, is positioned to acquire after previously re-entering the local conventional sector with Campamento Central and El Trébol clusters. The government of Chubut has issued ultimatums to YPF, emphasizing the need for investment continuity and operational activity to safeguard regional employment and fiscal revenue.
This impasse illustrates challenges in Argentina’s conventional oil divestment processes amidst legal and financial complexities. Delays in closing affect regional production stability and underscore the importance of selecting financially robust operators for critical hydrocarbon fields. YPF’s exit from Golfo San Jorge consolidates its focus on shale but leaves the province dependent on external decision-making and uncertain investment timelines.
This article was curated and published as part of our South American energy market coverage.
