Pluspetrol completed the purchase of ExxonMobil in Argentina and adds assets in Vaca Muerta

The Argentine oil company Pluspetrol announced this Monday that completed the purchase of ExxonMobil Exploration Argentina (EMEA) y adds assets in Vaca Muerta of its former American and Qatari shareholders, ExxonMobil y QatarEnergy.

In that way, in an Argentina that represented just 2% of its global business, ExxonMobil –which was for years the most valuable company in the world until in 2006 it was displaced by technology companies, in that year, by Apple– He was encouraged to leave the country in 2023.

The acquisition by the family company Poli y Reyone of the main oil companies in Argentina, It would have closed for US$ 1.7 billion and the compulsion left out the two favorites: the group Techint y Vistaon the one hand; already PAE e YPF, on the other.

Negotiations began a year ago, when the sale sign was posted, and the operation includes majority stakes in strategic blocks located in the oil & gas formation.

They stand out Bajo del Choique-La Invernada, Los Toldos I South, Los Toldos II West y Pampa de las Yeguasin addition to the 21.3% of the shares in the Oldelval pipelinethe main oil evacuation system in the Neuquén Basin, for transporting production to distribution and export centers.

Especially, Bajo del Choique-La Invernada is located in the most prolific area of ​​Vaca Muerta shale oil and it is a world-class asset with wells that stand out for their high productivity.

“This transaction involves a important milestone in the growth of Pluspetrolwhich will allow the company significantly multiply its production and reservesconsolidating it as one of the most important oil and gas producers in the region,” the company said in a statement.

“With this acquisition, Pluspetrol reaffirms its purpose of promoting sustainable energy development for the well-being of current and future generations and welcomes a team of people who will join the company to continue the development of the incorporated assets,” said Pluspetrol.

For his part, the governor of Neuquén, Rolando Figueroapublished in X: “Today we signed the sale agreement of ExxonMobil in favor of Pluspetrolthrough which this firm acquires the 100% of the company’s shareholding.”

“We greatly value Exxon’s initial contributiona pioneer company in Vaca Muerta, and also how Pluspetrol has focused its resources in the Neuquén basin with a very important investment program. The province defends the interests of the people of Neuquén, that is why all the resources that come in through this negotiation will be allocated to infrastructure,” he added.

Days ago, at the beginning of December, the company acquired two wind farms in Uruguay and took its first step in the renewable energy sector. He kept the park Big Hill y Peralta I and II, that were owned by investment funds managed by CVC DIF.