Vaca Muerta - Shale24

The industry can turn associated gas into a new energy business.

Nicolás Arceo for Shale24

Vaca Muerta’s associated gas doubled in 2025 and hit a new record in January 2026: Can this byproduct of the oil boom be monetized?

Associated gas — the gas that inevitably emerges as a byproduct of oil production in the black oil and liquids-rich window of the Neuquén formation — is rich in high-value components. In January, output climbed to 26.7 million cubic meters per day, setting a historic record. The industry is closely monitoring the trend, as it could open the door to a new business opportunity.

Energy export surge: Over the past 10 years, energy exports have tripled, with the outlook remaining bullish for 2026.

Energy and Foreign Trade

Energy trade surplus kicks off 2026, cementing Vaca Muerta’s export dominance

Despite falling international prices, Argentina’s energy sector maintained a positive balance and posted a record surplus of $7.815 billion in 2025, driven by unconventional production and lower import dependence.

Mendoza seeks to determine its true shale potential.

Mendoza’s shale

The Mendoza tongue: Province delimits 600-square-kilometer triangle to fast-track its own Vaca Muerta

The province has identified areas of significant thickness and thermal maturity within the “Mendoza tongue” of the formation.

The company’s plans with Argentina

ENAP posts strong 2025 results as Vaca Muerta supply deal drives performance

The Chilean state company doubled its profits while advancing a diversification plan, though it is considering the possibility of exporting unconventional oil from Neuquén via the Pacific Ocean through the port of San Vicente.

The assets add about 21,869 boe/d to Vista based on Q3 2025 production.

Premium shale oil blocks

Vista Energy accelerates in Vaca Muerta with $712 million Equinor asset purchase, solidifying independent producer leadership

The net contribution of these assets to Vista is significant, adding approximately 21,869 boe/d (based on Q3 2025 production at post-deal stakes) and 54 million boe of additional proven reserves.

Shell holds a significant position in Vaca Muerta, with operated majority stakes in four key blocks.

Production, blocks and reserves

Analysis: Shell weighs Vaca Muerta divestment; what its Argentina shale stake is worth

The Anglo-Dutch oil company is weighing a sale of its assets in the Neuquén shale formation, valued in the billions of dollars, amid a global reshuffling of its energy portfolio.

Horacio Marín’s YPF took control of 100% of the Meseta Buena Esperanza, Aguada Villanueva and Las Tacanas blocks in Vaca Muerta.

New agreements

YPF expects additional 20% jump in Vaca Muerta gas output after Pluspetrol swap

YPF and Pluspetrol sealed a cashless asset swap that will allow the state-controlled oil company to consolidate full control of three key areas in Vaca Muerta, while the private firm repositions itself in high-potential blocks through Vaca Muerta Inversiones.

Energy trade balance: Evolution, 2004–2005 ($ millions)

Record Exports

Energy surplus: Drivers, debates, signals and projections behind the expected leap in 2026

In 2025, Argentina recorded the largest energy trade surplus in its history. In the coming years, that record could be surpassed as projects approved and under review through the Incentive Regime for Large Investments (RIGI) move forward. Some analysts forecast an energy trade balance generating a combined $48 billion by 2030 and $67 billion by 2035.

Interviewed by Larry Fink, BlackRock CEO, Elon Musk said that energy is a bottleneck.

Analysis

AI and energy at Davos: Argentina’s surplus and the new paradigm from Musk, Schmidt, Hassabis and Amodei on Vaca Muerta

Argentina’s economy is entering a strategic moment, driven by the rise of its energy and mining sectors, within a global context where major powers are seeking critical resources from allies to strengthen “friendly” supply chains.

After integrating the fully operated Loma Jarillosa Este block and Puesto Silva Oeste, the company is preparing a drilling program.

Good results

GeoPark accelerates its expansion in Vaca Muerta, with new wells, a long-term plan and backing from JP Morgan with a price target of $11 per share

After successfully integrating the Loma Jarillosa Este block, which it operates 100%, and Puesto Silva Oeste, the company is preparing an aggressive drilling program and reinforcing its strategy for sustained growth.

Vaca Muerta oil and gas production over time.

2025 Production Overview

Vaca Muerta is achieving the scale, technology, and execution that are redefining the energy map

With unconventional oil growing at an annual rate of 31% and gas keeping pace in the flagship basin, Argentina is sending a clear signal to international markets: the country has a world-class shale play.

Financial engineering in Vaca Muerta

How YPF’s swap with Pluspetrol clears the path for the LNG project

Both companies signed an asset swap agreement. YPF acquires Pluspetrol’s stake in the Meseta Buena Esperanza, Aguada Villanueva and Las Tacanas blocks, three areas considered strategic for the development of the Argentina LNG project. Pluspetrol, in turn, acquires an interest in the La Escalonada and Rincón de Ceniza blocks.

Crude oil exports hit a record in 2025, cementing themselves as one of the sector’s main sources of foreign currency generation.

Thanks to Vaca Muerta, in 2025 seven out of every ten dollars of Argentina’s overall trade surplus came from the energy trade balance

In 2025, Argentina’s energy sector posted a trade surplus of $7.815 billion, representing 70% of the country’s total annual trade surplus. In December, oil production reached a record 868,712 barrels per day.

The crossing is being carried out at an approximate depth of 30 meters below the riverbed.

Vaca Muerta Oil Sur

VMOS: What the Río Negro crossing involves, the technique used by Techint-SACDE, and what comes next for the project

Preparatory work is underway for the directional drilling on the north bank, while on the south bank a welded and hydrostatically tested pipe section is ready for insertion, with additional works still pending at the site.

Company reports and comments by CEO Linda Cook confirm the successful results.

More fracking in Neuquén

Shale oil at San Roque: Harbour Energy confirms four successful wells in Vaca Muerta, awaits Neuquén approval for unconventional development

The four-well pilot in the shale oil window—carried out in partnership with TotalEnergies as operator—confirmed commercially viable production. It involved horizontal wells with hydraulic fracturing in the oil window, a liquids-rich shale zone distinct from the dry gas window that dominates other areas of the formation.