YPF Compra Activos de Shale de Total en Vaca Muerta por $500 Millones

YPF has agreed to buy TotalEnergies' shale assets in Argentina's Vaca Muerta formation for $500 million. The assets include two blocks in a less developed area of the formation. This deal comes as international oil majors continue to divest from Argentina, despite investor optimism under President Javier Milei. YPF CEO Horacio Marín warned of a slowdown in drilling activity due to foreign partners restricting spending amid low prices.

Title: YPF Acquires TotalEnergies' Shale Assets in Argentina's Vaca Muerta Formation for $500 Million

July 02, 2025

Argentina's state-owned energy giant YPF has agreed to acquire TotalEnergies' shale assets in the country's Vaca Muerta formation for $500 million. The deal includes two blocks in a less developed area of the formation, representing a strategic move for YPF to consolidate its position in the basin.

The acquisition comes at a time when international oil majors are continuing to divest from Argentina, despite investor optimism under President Javier Milei. YPF's CEO, Horacio Marín, recently warned of a slowdown in drilling activity due to foreign partners restricting spending amid low prices.

The Vaca Muerta shale play, estimated to hold recoverable resources of 16 billion barrels of oil and 308 trillion cubic feet of natural gas, is the world's second-largest shale gas deposit. YPF is the most active developer in the formation, having drilled over 800 wells between 2015 and 2021, compared to Tecpetrol's 150 wells for the same period [1].

TotalEnergies, which has been on par with the second-largest driller in the Vaca Muerta with 150 wells, has decided to divest its stake in the La Escalonada and Rincon La Ceniza fields. The fields, located in an underdeveloped northern sector of the basin, hold significant untapped potential. The acquisition aligns with TotalEnergies' strategy of reallocating capital to higher-priority projects, while YPF's aggressive acquisition strategy reflects its role as a national champion in Argentina's energy sector [2].

The deal is expected to strengthen YPF's regional energy dominance and support Argentina's $30 billion annual energy export target by 2030. The Vaca Muerta Sur (VMOS) pipeline, which will transport 550,000 barrels per day (bpd) to the Punta Colorada export terminal by 2027, is a key infrastructure project that will unlock the basin's full potential [2].

YPF's acquisition also carries geopolitical implications. By consolidating control over TotalEnergies' assets, YPF strengthens Argentina's position as a counterbalance to U.S. and Brazilian energy dominance in the region. The Vaca Muerta's low production costs make it one of the most economically attractive basins globally, enabling Argentina to compete in a market where energy security is increasingly prioritized [2].

For investors, the acquisition presents both opportunities and risks. The Vaca Muerta's infrastructure expansion and Argentina's energy export ambitions create a compelling long-term growth story. However, political risks, such as potential shifts in policy or environmental opposition, remain. The basin's development also hinges on the success of projects like the VMOS pipeline, which could face delays or cost overruns [2].

YPF's stock has historically been volatile, reflecting Argentina's economic cycles. However, the company's recent production growth and strategic acquisitions suggest a more stable trajectory. Investors should monitor YPF's ability to integrate TotalEnergies' assets efficiently and capitalize on the VMOS pipeline's capacity expansion.

In conclusion, YPF's acquisition of TotalEnergies' assets is a strategic move to solidify Argentina's role as a Latin American energy leader. The Vaca Muerta's low costs, infrastructure tailwinds, and Argentina's policy reforms make it an attractive long-term investment. However, the basin's political sensitivity and reliance on infrastructure execution mean that patience and risk management are essential. For investors willing to navigate these complexities, the Vaca Muerta represents a rare opportunity to participate in a high-potential, underdeveloped asset with the potential to reshape regional energy dynamics.

References:
[1] https://oilprice.com/Latest-Energy-News/World-News/YPF-Set-to-Buy-TotalEnergies-Shale-Assets.html
[2] https://www.ainvest.com/news/ypf-strategic-acquisition-totalenergies-argentina-shale-assets-catalyst-latin-american-energy-markets-2508/
[3] https://www.tradingview.com/news/reuters.com,2025:newsml_L6N3TY0MW:0-totalenergies-sells-45-stake-in-argentina-oil-and-gas-blocks-to-ypf-for-500-million/