Deeper shale synergies
Pan American Energy (PAE) and Continental Resources have partnered to accelerate the development of four shale oil blocks in Vaca Muerta, Argentina’s main unconventional shale formation.
Under the agreement, Continental will acquire a 20% stake in PAE’s interests in the Coirón Amargo Sureste, Bandurria Centro and Aguada Cánepa blocks, located in the province of Neuquén, and in Loma Guadalosa, in the neighboring province of Río Negro. PAE will remain the majority partner and operator in all four blocks.
For decades, Continental has been a pioneer in the development of unconventional resources in the United States. With daily production reaching 500,000 barrels of oil equivalent per day in 2025 and more than 5,200 operated wells, the company’s track record is defined by technological innovation, operational discipline and responsible financial management.
Internationally, Continental aims to apply the same technical rigor and long-term vision to identify and develop new opportunities, including in Vaca Muerta.
Closing of the transaction is subject to approval of the transfer of interests by the provincial governments of Neuquén and Río Negro.
Doug Lawler, chairman and chief executive officer of Continental Resources, said: “Vaca Muerta is one of the most compelling shale plays in the world, and we're thrilled to continue to invest in Argentina and build Continental's position through this agreement with Pan American Energy. PAE is a highly capable operator with deep basin experience. We're eager to learn from PAE and share Continental's unconventional expertise to advance the Vaca Muerta."
Marcos Bulgheroni, group chief executive officer of Pan American Energy, added: “This strategic relationship with one of the leading independent oil and gas companies in the United States seeks to accelerate the development of the four areas in both provinces. As a non-operating partner, Continental will contribute its know-how in derisking, development and operational efficiency, with the goal of unlocking the enormous unconventional resources our country has.”
PAE has been investing in Neuquén for more than 50 years and is currently one of the key players in unconventional development. In the Neuquén Basin, the company produces 12 million cubic meters of gas per day and 40,000 barrels of oil per day, for a total of nearly 100,000 barrels of oil equivalent per day.
In Neuquén, PAE operates seven areas, six of them in the development stage, and participates as a non-operating partner in two others. In Río Negro, the company operates the Loma Guadalosa area, the first unconventional production concession granted by that province.
Headquartered in Oklahoma, Continental has a long history of innovation in unconventional resource development. The company is one of the largest leaseholders and producers in the Bakken formation in North Dakota and Montana, and the leading producer in the Anadarko Basin in Oklahoma.
Continental also holds a leading resource position across multiple U.S. basins, including being the second-largest leaseholder in the Powder River Basin in Wyoming and maintaining a significant position in the Permian Basin in Texas.
Internationally, Continental is participating in a joint venture with Turkey’s national oil company TPAO and TransAtlantic Petroleum to develop unconventional resources in the Diyarbakir Basin in Turkey, while continuing to strengthen its presence in the Vaca Muerta formation in Argentina.