Vista to acquire Equinor’s position onshore Argentina

Vista Energy and its subsidiary Vista Energy Argentina SAU have agreed to acquire Equinor’s full onshore position in Argentina’s Vaca Muerta basin for US$1.1 billion.

The deal includes Equinor’s 30% non-operated interest in the YPF-operated Bandurria Sur asset, its 50% non-operated interest in the YPF-operated Bajo del Toro asset and includes certain related midstream agreements.

Equinor’s Argentinian offshore acreage—in the North Argentinian basin and the southern Austral and Malvinas basins—where subsurface evaluation is ongoing, is not included in the sale, Equinor said Feb. 2.

Through the deal, Vista will incorporate 27,733 high-quality net acres with an estimated remaining inventory of 106 wells in Bandurria Sur and 139 wells in Bajo del Toro, at Vista’s working interest, in the core of Vaca Muerta, Vista said in a separate release Feb. 2.

Vista said the deal “adds potential synergies in treatment capacity, midstream capacity, and other oilfield services, building on the successful acquisition and joint venture with YPF in La Amarga Chica, as the acquired blocks are geographically located next to Vista’s blocks: Bandurria Sur is adjacent to La Amarga Chica, and Bajo del Toro is adjacent to Aguila Mora.”

In April 2025, Vista acquired a 50% interest in the La Amarga Chica block in Argentina’s Vaca Muerta shale from Malaysia’s Petronas, becoming a joint partner with state-run operator, YPF.

“This transaction strengthens Equinor’s financial flexibility as we evaluate opportunities in our core international markets, where we see substantial growth towards 2030. At the same time, we retain optionality through our offshore positions in Argentina,” said Philippe Mathieu, Equinor’s executive vice-president for exploration and production, international.

In a release Feb. 2, Equinor said its international portfolio “is expected to grow production and cash flow towards 2030, driven by core positions in Brazil, the US, and the UK.”

Bandurria Sur block

The Bandurria Sur block spans 228.5 sq km (56,464 acres) in the black oil and volatile oil windows of Vaca Muerta. As of Sept. 30, 2025, the block had 195 wells on production.

In third-quarter 2025, the block produced 81,285 boe/d, of which 67,634 b/d was oil, according to the Argentine Secretariat of Energy. Equinor’s share of Bandurria Sur production averaged 24,400 boe/d in third-quarter 2025.

When the deal closes, Vista would hold 25.1% interest in the block. YPF would hold 44.9%, and Shell Argentina would hold 30.0%.

Future development includes drilling 300-500 additional wells and building an oil central processing facility with capacity of 75,000 boe/d.

Bajo del Toro block

The Bajo del Toro license covers an area of about 157 sq km (38,800 acres) in the northern area of Vaca Muerta. The area has light oil potential.

In 2021, Equinor and YPF obtained new concessions from the province of Neuquén. The new agreements split the license in two areas, Bajo del Toro Norte covering 113.8 sq km with an exploitation license of 35 years and, Bajo del Toro, with the remaining 43 sq km with a 4-year exploration license extension. The next steps in Bajo del Toro Norte will be a pilot program of 14 wells.

As of Sept. 30, 2025, the block had 22 wells on production. During third-quarter 2025, the block produced 4,191 boe/d, of which 3,565 b/d was oil, according to the Argentine Secretariat of Energy. In third-quarter 2025, Bajo del Toro block, still in an early development phase, contributed 2,100 net boe/d to Equinor.

Upon the deal’s closing, YPF would hold 65% working interest in the block, and Vista would hold the remaining 35%.

Midstream

Equinor Argentina SAU holds midstream capacity in certain Vaca Muerta infrastructure projects, mainly: 8,497 b/d of open access capacity in Oldelval; 7,516 b/d of ship-or-pay capacity in Oldelval Duplicar; and 5,503 b/d of capacity in Vaca Muerta Norte.

Closing

At closing, Equinor will receive an upfront cash payment of $550 million as well as shares in Vista. The consideration also includes contingent payments linked to production and oil prices over a 5-year period.

The acquisitions are also subject to the waiver or non-exercise of the rights of first refusal (ROFRs) granted to Shell Argentina SA and YPF pursuant to the joint operating agreement of Bandurria Sur and the joint operating agreements of Bajo del Toro, as applicable, and the antitrust approval from Chilean authorities, required in connection with the export of crude oil to Chile committed by Vista Argentina and Equinor Argentina SAU.

Currently, YPF has signed a waiver of its ROFR on Bandurria Sur, subject to Shell Argentina’s waiver or non-exercise of its ROFR, and on Bajo del Toro.

Vista expects the deals to close during this year’s second quarter.