Energy in Argentina M&A Movements Analysis¶

M&A Movements¶

The Argentine energy sector has seen several significant merger and acquisition (M&A) movements in 2024 and the early part of 2025, primarily focused on consolidating positions in the Vaca Muerta unconventional play and strategically expanding in the midstream and renewable energy sectors. These transactions reflect the ongoing drive to unlock Argentina's vast resource potential and address existing value chain bottlenecks.

One of the most notable M&A activities is Vista Energy's acquisition of Petronas Argentina's 50% stake in the La Amarga Chica unconventional concession in the Vaca Muerta formation. This deal, valued at approximately $1.5 billion, was announced and completed in April 2025. [3, 4, 5, 6, 7]

In line with its strategy to concentrate on unconventional resources, YPF SA has been divesting from its mature conventional oil and gas fields. At least six such transactions were recorded in 2024, with various buyers including Grupo Perez Companc. [8, 16]

The Vaca Muerta landscape also saw shifts in ownership with ExxonMobil and QatarEnergy exiting certain Vaca Muerta blocks and their stake in the Oldelval pipeline. These assets were acquired by Pluspetrol. Additionally, YPF acquired ExxonMobil's Sierra Chata assets. These transactions occurred before February 2025. [11, 20] TotalEnergies is also reported to be considering the sale of its Argentine shale assets. [3]

Looking towards future export capabilities, Pan American Energy, Pampa Energía, and YPF, alongside Harbour, acquired stakes in the Southern LNG project. YPF secured a 15% interest in this project. This movement was noted in February 2025. [11]

In the renewable energy sector, Tecpetrol SA acquired the Buena Ventura wind farm in Argentina from ABO Wind AG in December 2024. [15, 22]

These M&A activities highlight a dynamic period in the Argentine energy sector, driven by strategic realignments and the pursuit of growth opportunities, particularly within the Vaca Muerta play and the burgeoning renewable energy landscape.

Table of the impact of these movements¶

M&A Movement	Value Chain Segment(s) Impacted	Impact Analysis
Vista Energy acquires Petronas' stake in La Amarga Chica	Hydrocarbons - Upstream	Consolidation and Growth: Significantly strengthens Vista Energy's position as a major independent player in Vaca Muerta. [4, 5, 6, 7] Increases their production volume, proven reserves, and drilling inventory in a core, low-cost area. [4, 5, 6] Signals Petronas' exit from this specific Vaca Muerta asset. [3] Drives increased capital expenditure in Vaca Muerta by Vista. [3]
YPF selling/transferring conventional blocks	Hydrocarbons - Upstream	Strategic Re-focus: Allows YPF to concentrate capital and operational resources on the higher-growth unconventional Vaca Muerta assets. [8, 16] Enables other companies to optimize production from mature conventional fields.
ExxonMobil/QatarEnergy exit (Vaca Muerta & Oldelval), Pluspetrol/YPF acquisition	Hydrocarbons - Upstream, Hydrocarbons - Midstream	Ownership Realignment: Changes the ownership structure of key Vaca Muerta blocks and critical midstream pipeline infrastructure (Oldelval). [11, 20] Pluspetrol and YPF increase their footprint in Vaca Muerta and the midstream, while ExxonMobil reduces its shale presence in Argentina. [3, 11, 20]
PAE, Pampa Energía, YPF acquiring stakes in Southern LNG project	Hydrocarbons - Midstream (Gas Processing/Liquefaction), Hydrocarbons - Downstream (Export)	Export Capacity Development: Represents a strategic push by key Argentine players to build necessary infrastructure for exporting LNG derived from Vaca Muerta gas. [11, 30] Addresses a major bottleneck in monetizing growing gas production by opening up international markets.
Tecpetrol acquires Buena Ventura wind farm	Electricity - Generation (Renewable)	Diversification and Renewable Expansion: Signals Tecpetrol's strategic move to diversify its energy portfolio beyond hydrocarbons and increase its presence in the renewable energy sector. [15, 22] Contributes to the growth of Argentina's renewable energy installed capacity.

References¶

The Rio Times: Argentina's M&A Market Set for Remarkable Growth in 2025 (https://www.riotimesonline.com/brazil-news/mercosur/argentina/argentinas-ma-market-set-for-remarkable-growth-in-2025/)
Energy Connects: Vista Buys Petronas' Argentina Oil Stake in $1.5 Billion (https://www.energyconnects.com/news/oil--gas/2025/april/vista-buys-petronas-argentina-oil-stake-in-15-billion/)
Vista Energy acquires Petronas' stake in La Amarga Chica block in Vaca Muerta (https://www.argusmedia.com/en/news/2612767-vista-energy-acquires-petronas-stake-in-la-amarga-chica-block-in-vaca-muerta)
EM Spreads: Vista 1Q25: Strategic Petronas Acquisition Strengthens Credit and Growth Outlook (https://ems spreads.com/notes/vista-1q25-strategic-petronas-acquisition-strengthens-credit-and-growth-outlook)
EM Spreads: Vista Energy Expands Vaca Muerta Footprint with Strategic Petronas Deal (https://ems spreads.com/notes/vista-energy-expands-vaca-muerta-footprint-with-strategic-petronas-deal)
BNamericas: How Vista Energy's US$1bn Vaca Muerta acquisition impacts production, midstream capacity (https://www.bnamericas.com/en/news/how-vista-energys-us1bn-vaca-muerta-acquisition-impacts-production-midstream-capacity)
PwC Argentina: Fusiones y Adquisiciones - Perspectivas 2025 (https://www.pwc.com/ar/es/publicaciones/fusiones-adquisiciones.html)
GlobalData: Pampa Energia SA Deals
EM Spreads: YPF 4Q24: Macro Tailwinds and Strategic Progress Offset a Weak Quarter (https://ems spreads.com/notes/ypf-4q24-macro-tailwinds-and-strategic-progress-offset-a-weak-quarter)
LatAm Insights: Soaring Vaca Muerta output drives Argentina oil export revenues (https://www.rystadenergy.com/insights/latam-insights/soaring-vaca-muerta-output-drives-argentina-oil-export-revenues)
LatAm Insights: Latin America M&A reaches $8.3 billion, poised to surpass 2020-23 levels (https://www.rystadenergy.com/insights/latam-insights/latin-america-ma-reaches-8.3-billion-poised-to-surpass-2020-23-levels)
Cleary Gottlieb: Pampa in $360 Million Offering (https://www.clearygottlieb.com/news/2024/december/pampa-in-$360-million-offering)
Pampa Energía: Board of Directors (https://www.pampaenergia.com/en/institutional/board-of-directors/)
GlobalData: Tecpetrol SA Company Profile - Overview
LatinFinance: Quasi-Sovereign High-Yield Bond of the Year - YPF (https://www.latinfinance.com/lead-feature/quasi-sovereign-high-yield-bond-of-the-year-ypf)
Seeking Alpha: Central Puerto Stock: Energy In Evolution, Looking To The Future (CEPU) (https://seekingalpha.com/article/4678631-central-puerto-stock-energy-in-evolution-looking-to-the-future)
ONEtoONE Corporate Finance: Biggest M&A deals of 2025 so far (https://onetoonecf.com/en/insights/biggest-m-a-deals-2025/)
Bruchou: We advised Argentina's leading oil producers on the launch of the Vaca Muerta Sur Oil ... (https://bruchou.com/en/novedades/we-advised-argentinas-leading-oil-producers-on-the-launch-of-the-vaca-muerta-sur-oil-pipeline-with-an-investment-of-approximately-us3000000000/)
BNamericas: Vaca Muerta: The oil landscape for 2025 (https://www.bnamericas.com/en/features/vaca-muerta-the-oil-landscape-for-2025)
GlobalData: Tecpetrol SADeals
Central Puerto: Presentación de PowerPoint
Cleary Gottlieb: Pampa's $410 Million Offering (https://www.clearygottlieb.com/news/2024/september/pampas-$410-million-offering)
Grant Thornton: Energy M&A: A promising outlook for 2025 (https://www.grantthornton.global/en/insights/articles/energy-ma-promising-outlook-2025/)
Bruchou: Central Puerto acquires forestry assets in Corrientes (https://bruchou.com/en/novedades/central-puerto-acquires-forestry-assets-in-corrientes/)
Earnings call: Central Puerto reports mixed Q2 2024 results amid new projects (https://seekingalpha.com/article/4626661-central-puerto-reports-mixed-q2-2024-results-amid-new-projects)
Chambers and Partners: Corporate M&A 2025 - Argentina (https://chambers.com/law-reviews/corporate-ma-2025/argentina)
Moody's: Latin America & Caribbean | Exploration & Production | Reports