Eni Is in Talks With Pluspetrol for Gas Field Stakes in Argentina
(Bloomberg) -- Italy’s Eni SpA is in talks with Pluspetrol SA to buy stakes in Argentine natural gas fields to complement its push to export the fuel from the country, according to people familiar with the matter.
Eni and Buenos Aires-based Pluspetrol are in discussions over fields in Argentina’s Vaca Muerta shale patch, according to the people, who asked not to be named because they aren’t authorized to discuss the matter publicly.
Eni and Pluspetrol declined to comment.
Eni is developing an export terminal in partnership with Argentina’s state-run energy company, YPF SA, to liquefy and ship up to 12 million tons of gas annually from the nation’s Atlantic coast. The overseas unit of Abu Dhabi’s biggest oil company, XRG, is in talks to invest in the project, which could move ahead next year if the partners can line up the financing.
Pluspetrol, which is controlled by two Argentine families, is divesting “non-core” assets in the region to focus on Vaca Muerta oil fields it acquired last year from Exxon Mobil Corp., two of the people said.
If Eni reaches a deal to buy stakes in the fields, it would counter a recent trend of Argentine companies buying local assets from international companies.
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