New agreements
In a strategic move reshaping the operational map of Vaca Muerta, Argentina’s flagship shale formation, YPF S.A. and Pluspetrol S.A. on Jan. 22 signed an agreement for the assignment of interests and transfer of shares.
Under the transaction, the company led by CEO Horacio Marín gained control of 100% of the Meseta Buena Esperanza, Aguada Villanueva and Las Tacanas blocks in Vaca Muerta. In return, Pluspetrol acquired an equity stake in Vaca Muerta Inversiones, the company that manages the La Escalonada and Rincón de Ceniza areas.
As previously disclosed, the deal consists of an asset swap with no significant cash outlay. More importantly, the transaction is aimed at consolidating positions in high-potential unconventional oil and gas blocks, in line with both companies’ growth strategies.
How the YPF–Pluspetrol asset swap works
As part of the agreement, Pluspetrol will transfer to YPF — or an affiliated company — 100% of its interest in three concession areas, equivalent to a 50% stake in each block.
One of the assets is Meseta Buena Esperanza, a 303-square-kilometer block south of Fortín de Piedra within Vaca Muerta’s dry gas window. The area has proven natural gas reserves and a development model based on multi-fractured horizontal wells, positioning it as a key asset for supplying stable volumes to LNG export projects.
Another block is Aguada Villanueva, covering 50 square kilometers west of Loma La Lata and south of Las Tacanas. It is a transition zone between wet gas, condensate and light oil, allowing flexible development through horizontal wells of up to 3,000 meters with multi-stage hydraulic fracturing.
The third asset is Las Tacanas, a 100-square-kilometer permit south of Rincón del Mangrullo focused on dry gas. Although still in the delineation and exploration phase, its proximity to existing infrastructure — such as pipelines connected to the Neuquén Gas Pipeline system — makes it a strategic asset for increasing gas supply in the medium term.
With this transfer, YPF will control 100% of the three areas, remove Pluspetrol as a partner and accelerate the execution of its investment plans. Industry estimates suggest that full integration of these blocks could add up to 20% to YPF’s daily gas production in the Neuquén Basin over the next two years.
What Pluspetrol receives and the deal’s strategic impact
As consideration, YPF will transfer 44.44% of the share capital of Vaca Muerta Inversiones S.A.U. (VMI) to Pluspetrol. The company holds a 45% interest in joint venture contracts and joint operating agreements across two blocks considered highly strategic.
One is La Escalonada, an area of roughly 10,000 hectares in northern Vaca Muerta with strong shale oil potential. The project is shaping up as one of the developments with the highest well density per pad, focused on optimizing completion techniques to improve recovery factors.
The second block is Rincón de la Ceniza, about 10,500 hectares in the wet gas window and recently acquired by YPF from TotalEnergies. Based on comparable transactions, its implied value is around $10,000 per acre, positioning it as a pillar for the future liquefied natural gas value chain.
Following the transaction, Pluspetrol will no longer have direct exposure to the divested areas and will instead become a significant minority shareholder in VMI, diversifying its portfolio toward assets with higher expected returns at a time when Brent prices are above $80 per barrel.
Economic context and next steps
The agreement aligns with efforts to scale up gas production to supply the Argentina LNG project, which aims to position the country as a net exporter of liquefied natural gas. The areas moving under YPF’s full control are particularly relevant due to their dry and wet gas profiles, suitable for feeding future liquefaction plants.
The deal also opens the door to international partners in the newly consolidated blocks, which could speed up the capital deployment required to drill and complete hundreds of wells in the coming years.
From a macroeconomic perspective, moves like this help boost energy exports, improve the trade balance and strengthen international reserves. YPF further consolidates its leadership as Vaca Muerta’s main operator, while Pluspetrol optimizes its portfolio with a focus on higher-margin assets.
The transaction remains subject to regulatory approvals from Argentina’s National Securities Commission, the Energy Secretariat and the provincial authorities of Neuquén. No major obstacles have been reported so far, and closing is expected in the coming weeks.