Pluspetrol acquires Argentina assets from ExxonMobil

Pluspetrol has agreed to acquire interest in five blocks in Argentina’s Vaca Meurta area from ExxonMobil in a deal reportedly valued at $1.7 billion.

In a statement, Exxon Mobil said “the terms and conditions for the sale of Exxon Mobil Exploration Argentina to Pluspetrol have been agreed upon. We continue to work alongside the buyer and the Government of Neuquén to achieve the alignment of desired outcomes.” The company did not provide further details.

Pluspetrol will gain 70% of the shares of Exxon Mobil Exploration Argentina. QatarEnergy, which has held a stake in ExxonMobil’s Argentina operations since 2018, approved the acquisition, retaining its 30%.  

With Argentina accounting for only 2% of ExxonMobil’s global business the operator decided in 2023 to exit the country (OGJ Online, Aug. 4, 2023).

The sale includes the following areas:

• Bajo del Choique - Lea Invernada (402 sq km) - ExxonMobil (operator, 90%), Gas y Petróleo del Neuquén (10%).
• Loma del Molle (179 sq km) - ExxonMobil (operator, 50%), YPF (50%).
• Los Toldos II Oeste (78 sq km) - ExxonMobil (operator, 90%), Gas y Petróleo del Neuquén (10%).
• Los Toldos I Sur (195 sq km) - ExxonMobil (operator, 80%), Tecpetrol (10%), Gas y Petróleo del Neuquén (10%).
• Pampa de las Yeguas I (59 sq km) - ExxonMobil (operator, 50%), YPF (50%).

The divestment also included ExxonMobil’s stake in Vaca Muerta oil pipeline network Oldelval.

Sierra Chata and Parva Negra are not included in the sale, as they were reverted to Argentina by decree on Mar. 14, 2023.