Phoenix to develop Vaca Muerta independently following GeoPark deal termination
Phoenix Global Resources will retain full ownership and operatorship of four unconventional blocks in Argentina’s Vaca Muerta formation following the termination of a previously disclosed farm-out agreement with GeoPark Ltd. The transaction, covering the Mata Mora Norte and Sur, and Confluencia Norte and Sur blocks, was canceled after certain contractual conditions were not met by the agreed deadline.
Phoenix said the deal termination will have no impact on current operations or the execution of its regional development plan.
Phoenix confirmed it will independently finance its multi-year investment program, which includes $2 billion in planned capital expenditures over the next 5 years. As part of that plan, the company will deploy a second drilling rig—already under contract and set to begin operations in January 2026—and construct a central processing facility (CFP) at the Mata Mora Norte block.
The CPF, currently under construction by a local contractor in Neuquén province, will have a nameplate capacity of 40,000 b/d and is scheduled to come online in May 2026. It will serve as the core processing hub for Phoenix’s unconventional operations in the area and support a significant portion of its planned production growth.
To date, Phoenix has invested over $750 million in its Vaca Muerta acreage. Its flagship asset, Mata Mora Norte, is expected to reach a production plateau of 40,000 b/d. Combined with output from Confluencia Norte and Sur—recently brought online in Río Negro province as part of the first exploratory Vaca Muerta development outside Neuquén—the company is targeting total production of 70,000 b/d, supported by an inventory of 500 future well locations.
Camilo Ciruzzi | South America Correspondent
Ciruzzi is a journalist based in the Argentine province of Río Negro. He has over 30 years of experience in radio and print media. Ciruzzi studied Communication Sciences at the University of Buenos Aires and specialized in energy, political economy, and finance.
