J&F enters Argentina’s oil and gas sector

Dec. 1, 2023
J&F Group, the largest private conglomerate in Brazil, has acquired two oil and gas production fields from Pluspetrol SA, marking its debut in Argentina’s energy sector.

J&F Group, the largest private conglomerate in Brazil, has acquired two oil and gas production fields from Pluspetrol SA, marking its debut in Argentina’s energy sector.

The strategic agreement includes full acquisition of Block 1, Block 2, and Central Block of Centenario field, Neuquén province, and a 33% stake in Ramos field, Salta province, both operated by Pluspetrol. Together, the acquired share of the two operations produces 9,325 boe/d, 1.3 million cu m/day of natural gas and 1,365 bo/d.

Once the acquisition is completed, Fluxus, a company founded by J&F this year to serve as its investment platform in Latin America, will assume the operator role in both fields. "We are very optimistic about the opportunities that the region presents in oil, gas, and energy. After this initial deal in Argentina, we are considering investments in Brazil, Bolivia, Venezuela, among other countries," said Ricardo Savini, chief executive officer of Fluxus.

The closing of the transaction, the price of which has not been disclosed, is subject to customary administrative conditions for this type of contract and is expected to occur in 2024.