YPF and Pluspetrol have completed an asset swap in Argentina’s Vaca Muerta shale play that reshapes operational control over five unconventional blocks and preliminarily advances gas development linked to Argentina LNG.
Under the agreement, YPF consolidated its position in the Meseta Buena Esperanza, Aguada Villanueva, and Las Tacanas blocks, while Pluspetrol entered La Escalonada and Rincón de Ceniza through Vaca Muerta Inversiones, a company controlled by YPF.
The asset swap, which resulted in no significant cash consideration and no immediate impact on production, was aimed at reorganizing the companies’ portfolios under distinct technical and strategic criteria, separating assets aimed at long-term gas development from those focused on shale oil and near-term cash flow.
International partnership
The exchange is linked to YPF’s strategy to enable international partners to enter Vaca Muerta gas development plans. By consolidating control over the blocks, the company advances potential partnerships with Eni and ADNOC, both of which have expressed interest in the Argentina LNG export project.
YPF must still complete conversion of the relevant blocks into unconventional exploitation concessions with the Neuquén provincial authorities, a key regulatory step to formalize operational control and allow new partnerships.
Background, production
Pluspetrol had held interests in Meseta Buena Esperanza, Aguada Villanueva, and Las Tacanas since 2014, when it acquired the assets following Apache’s exit from Argentina. Through the swap, the company relinquishes its exposure to gas-focused acreage and strengthens its position in oil-weighted blocks.
In the case of La Escalonada and Rincón de Ceniza, YPF had secured majority control after acquiring stakes from TotalEnergies in 2025. Pluspetrol’s entry now takes place through the corporate vehicle managing those assets.
According to the latest available data from Argentina’s national and Neuquén provincial energy authorities (fourth-quarter 2025), the three blocks consolidated by YPF account for combined gas production of about 5.5-7 million cu m/day (MMcmd).
Meseta Buena Esperanza produces 2.5-3.0 MMcmd of gas, with marginal oil output. Aguada Villanueva delivers 2.0-2.5 MMcmd, while Las Tacanas, in an early development stage, contributes 1.0-1.5 MMcmd.
The strategic value of these contiguous blocks, which lie within Vaca Muerta’s gas window, lies less in current volumes than in the potential to scale production in a coordinated and predictable manner.
By contrast, the blocks where Pluspetrol is entering show a predominantly oil-weighted profile. La Escalonada produces 9,000-11,000 b/d of oil, with associated gas volumes of up to 0.8 MMcmd, while Rincón de Ceniza delivers 4,000-6,000 b/d, with associated gas close to 0.6 MMcmd.
Combined output from both areas is 13,000-17,000 boe/d.
