YPF Said to Be Close to Buying Total’s Argentina Shale Assets
(Bloomberg) -- Argentina’s state-run oil and gas producer YPF SA is close to an agreement to acquire shale oil assets from France’s TotalEnergies SE, according to people familiar with the matter.
A sale could be valued at $400 million to $500 million, said one of the people, who asked not to be identified because they weren’t authorized to speak publicly.
A Total spokesperson didn’t immediately comment when reached by phone outside of regular business hours in Paris.
Total is looking to sell 45% of the La Escalonada and Rincon La Ceniza shale oil fields, which lie in an underdeveloped corner of Argentina’s burgeoning Vaca Muerta shale formation. Chevron Corp. has a key asset in the same area, while Argentine driller Pluspetrol SA plans to develop fields there after buying them last year from Exxon Mobil Corp.
The Vaca Muerta has been notching up impressive oil growth, but much of it is coming from homegrown companies. YPF Chief Executive Officer Horacio Marin said Tuesday during an event in Buenos Aires that drilling activity in the shale patch is set to weaken in the near term as companies restrain spending.
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