TotalEnergies has completed the sale of its 45% operating interest in the La Escalonada and Rincón de la Ceniza blocks, located in the northern region of the Neuquina Basin. The transaction was closed for US$500 million and is part of the optimization process of the French company’s portfolio, which will maintain its activity in other areas of the country.
Both blocks, located in the area of Vaca Muertaarea, have concessions in force until 2051 and were in the pilot development phase.
YPF strengthens its presence in Vaca Muerta
With this purchase, YPF strengthens its position as a central player in the production of unconventional hydrocarbons, while advancing in its strategy of territorial integration and operational consolidation.
Vaca Muerta is located in the Neuquén Basin. Source: YPF
For its part, TotalEnergies will continue to concentrate its efforts on priority assets such as Aguada Pichana Este and San Roquefrom which it currently obtains a combined production of close to 50,000 barrels of oil equivalent per day. It also maintains operations in the Austral Marine Basin 1, in Tierra del Fuego.
The transferred blocks are characterized by their high potential. La Escalonada, focused on shale oil extraction, borders Bajo del Choique, a high yield area. Rincón de la Ceniza, meanwhile, is located in a wet gas region with projections linked to the development of LNG projects and the export of liquids.
This transaction also implies a readjustment in the distribution of control: Shell, through O&G Developments LTD SA, maintains its 45% and Gas y Petróleo de Neuquén the remaining 10%. The entry of YPF allows for greater coordination with local and energy development objectives.
According to spokespersons of both companies, the decision does not represent a withdrawal of TotalEnergies from the country. It is a tactical move to free up capital and deepen investments in the areas where the company sees the greatest strategic return, both in the offshore and renewable energy segments. renewable energies.
Meanwhile, YPF is consolidating its profile as an integral world-class operator in the Argentine shale business.
Source: TotalEnergies
Photo: shutterstock
