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TotalEnergies sells two strategic Vaca Muerta blocks to YPF for USD 500 mn

TotalEnergies completed the sale of its 45% stake in two unconventional hydrocarbon concessions to YPF in Argentina for USD 500 mn, marking a key milestone in the management of its portfolio in South America.

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TotalEnergies has signed an agreement to sell to YPF SA its 45% stake in the unconventional blocks Rincon La Ceniza and La Escalonada, located in Argentina’s Vaca Muerta formation. The transaction is valued at USD 500 mn ($500 mn), pricing these assets at around USD 10,000 per acre for a net area of 51,000 acres currently in the pilot development phase. Other partners in these blocks are Gas y Petroleo de Neuquen (10%) and O&G Developments LTD S.A (45%), the latter owned by Shell.

Strategic portfolio restructuring

This divestment is part of TotalEnergies’ active portfolio management strategy, although the company retains a significant presence in the region. Following the transaction, the French company remains the operator of a vast 183,000 net acres in Vaca Muerta, one of the world’s main unconventional hydrocarbon formations. The divested blocks represented around 20% of the company’s net acreage in the formation.

Javier Rielo, Director Americas of Exploration-Production at TotalEnergies, stated that this transaction enables the company to focus its efforts on its key assets in the Neuquén Basin as well as on its offshore developments in Tierra del Fuego. TotalEnergies thus maintains its commitment in Argentina while adjusting its exposure to the different phases of exploration and production.

Production and outlook for gas and condensates

TotalEnergies remains engaged in the production of natural gas and condensates in Argentina, mainly through the operated blocks of Aguada Pichana Este and San Roque. For 2024, combined production from these two areas reaches around 50,000 barrels of oil equivalent per day (boe/d) on a TotalEnergies share basis. This performance illustrates the region’s importance in the group’s global portfolio.

The amount of the transaction and the associated valuation reflect the appeal of Vaca Muerta’s unconventional resources for international operators. Portfolio moves seen in the region highlight the evolution of strategies among large energy groups in response to the dynamics of the Argentine market and long-term sector prospects.

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