YPF cedes Manantiales Behr to Rovella Capital for $575 million, advancing Plan Andes and boosting focus on Vaca Muerta

The transaction involves the full concession of Manantiales Behr’s conventional exploitation, alongside hydrocarbon transportation rights over three critical pipelines: El Trébol – Caleta Córdova, Km. 9 – Caleta Córdova, and Manantiales Behr – Cañadón Perdido. Additionally, the sale includes the stockpile of materials stored at the yacimiento’s facilities. Payment terms specify 60% at closing and the remainder within 12 months. This deal, subject to provincial approval, completes YPF’s exit from the San Jorge basin’s conventional assets following prior transfers such as the Malargüe cluster to Venoil S.A. and seven fields in Tierra del Fuego to Terra Ignis.

Manantiales Behr remains a high-performing asset, producing approximately 25,000 barrels per day of crude and 0.5 million cubic meters of natural gas daily as of late 2025. Despite initially projected YPF investments of $175 million for the year, Rovella Capital plans to increase first-year expenditures to $230 million, signaling ambitious development intentions under the new operator. This counters recent sector uncertainty fueled by fragmented information and labor concern.

The divestiture aligns with YPF’s strategic reallocation to non-conventional production growth at Vaca Muerta, where new advanced drilling rigs are being deployed to optimize fracturing operations. YPF has substantially increased shale oil output to 200,000 barrels per day, underscoring Vaca Muerta’s role as Argentina’s hydrocarbon growth engine. The continued sale of mature conventional assets and concentration on unconventional resources aim to support YPF’s goal of reaching $30 billion in annual hydrocarbon exports by 2031, reinforcing Argentina’s position in global energy markets.