Petronas offloads Argentina shale assets to Vista in US$1.5b deal, ending decade-long venture in Vaca Muerta
BUENOS AIRES, April 17 – Buenos Aires-based Vista Energy has reportedly acquired Petronas' 50 per cent stake in the La Amarga Chica oil field in Argentina's Vaca Muerta shale basin for about US$1.5 billion (RM7.1 billion), solidifying its position as a key player in the region.
The second-biggest crude oil producer in the area will pay US$900 million upfront for the stake, with one-third of that sum financed through a loan from Banco Santander SA, while the remainder will be paid in two instalments in 2029 and 2030.
Financial news Bloomberg reported that as part of the deal, Malaysian state oil firm Petronas will also receive a 7 per cent equity stake in Vista, valued at roughly US$300 million.
The acquisition marks Petronas' exit from Argentina following its earlier withdrawal from a liquefied natural gas venture with state oil company YPF SA, in a broader trend of multinationals retreating from the Vaca Muerta formation.
This comes even as the new Argentine government said last year it was hoping that the multibillion-dollar joint LNG project with Petronas would move ahead.
YPF, which retains its 50 per cent share in La Amarga Chica, will continue as the field's operator.
Vista's shareholders approved the acquisition plan last month, allowing the company to use debt or equity financing, as it pursues aggressive growth under founder Miguel Galuccio, who originally brought Petronas into the field a decade ago.
The purchase comes as the global oil market faces volatility, with Vista warning of possible spending cuts if Brent-linked Medanito crude prices fall below US$55 per barrell.
However, easing capital controls under President Javier Milei and expanding infrastructure are providing renewed momentum for Argentina's shale sector.
With the acquisition, Vista's daily production will immediately rise by 40,000 barrels, accelerating its 2025 goal of reaching 100,000 barrels per day from 70,000 barrels in 2024.
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