Vista adds La Amarga Chica stake, enters partnership with YPF in high-output Vaca Muerta block
Vista Energy has acquired a 50% interest in the La Amarga Chica block in Argentina’s Vaca Muerta shale formation from Malaysia’s Petronas, becoming a joint partner with state-run YPF, which will remain as operator.
The deal involved an upfront cash payment of $900 million and includes two deferred payments of $150 million each in 2029 and 2030. Additionally, Petronas received 7.3 million Vista shares as part of the deal.
“With this acquisition, we are scaling up in Vaca Muerta, adding a premium block with growing production and low operating costs,” said Miguel Galuccio, Vista’s chairman and chief executive officer.
Following the acquisition, Vista’s total footprint in Vaca Muerta expands to 229,000 acres. Since its founding in 2017, the company has increased output to over 120,000 boe/d from 24,000 boe/d including production from the newly acquired asset and has invested more than $6 billion to date.
La Amarga Chica, a key asset in Argentina’s shale play
La Amarga Chica was the third block that YPF moved into full-scale development after Loma Campana and El Orejano. Current production is estimated at 68,000 b/d, making it the third-highest producing oil block in the country.
In February, YPF commissioned a second crude oil treatment plant in the area, investing $200 million to double its processing capacity.
Five blocks—Loma Campana, Bajada del Palo, La Amarga Chica, Bandurria Sur, and La Calera—account for 68% of Vaca Muerta's total shale oil production.
Petronas exits Argentina upstream operations
The deal marks Petronas’ operational exit from Argentina. The Malaysian NOC entered the country in 2014 through a partnership with YPF. In 2018, the companies completed a pilot phase at La Amarga Chica involving a $550 million investment and the drilling of 33 wells, achieving output of 9,800 boe/d.
Last month, Petronas confirmed it was reviewing its portfolio in Argentina, citing alignment with its long-term strategy in a changing global energy landscape. The announcement followed the company’s withdrawal from a proposed LNG export project with YPF in Río Negro, where Shell has since taken its place.
Going forward, Petronas will maintain a presence in Argentina solely through its equity stake in Vista.
Camilo Ciruzzi | South America Correspondent
Ciruzzi is a journalist based in the Argentine province of Río Negro. He has over 30 years of experience in radio and print media. Ciruzzi studied Communication Sciences at the University of Buenos Aires and specialized in energy, political economy, and finance.
