YPF, Vista, Shell, and Equinor signed a historic agreement involving up to 70,000 barrels per day and would generate revenues of USD 12 billion
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The main producers in Vaca Muerta —YPF, Vista, Shell Argentina, and Equinor— signed a long-term agreement with ENAP, Chile's National Petroleum Company, to export Argentine shale oil to the neighboring country. The agreement will remain in effect until June 2033 and represents one of the most significant commercial commitments in the energy sector in recent years.
Instalaciones de almacenamiento de YPF en la cuenca neuquina
According to the official document, the agreement provides for an initial joint volume of up to 70,000 barrels per day. This could translate into USD 12 billion in revenue for Argentina over the course of its execution. This is a strategic leap for the Neuquén oil complex, which consolidates its role as an exporter and projects increasing volumes across the Pacific.
An agreement enabled by new key infrastructure
The agreement with ENAP has been strengthened in recent years thanks to two projects that changed the logistics of Argentine crude:
The rehabilitation of the Trasandino Pipeline (OTA), which had been inactive for more than a decade.
The construction of the Vaca Muerta Norte Pipeline, which expanded evacuation capacity toward Chile.
These investments have made it possible to significantly increase the flow of exports: today, 40% of the crude oil leaving the Neuquén basin crosses the Andes through this transportation system.
Sector operativo del sistema de transporte de crudo en Vaca Muerta
With this infrastructure, Vaca Muerta oil supplies Chilean refineries and, in addition, can reach international markets through ports on the Pacific. This was a key commercial advantage compared to the logistical limitations of the Atlantic.
A joint commitment to consolidate Argentina as an energy supplier
The statement highlights that the agreement reflects the commitment of the major operators to work in coordination. This will lead to expanded production and support a growing path of exports.
The goal is to consolidate the country as a reliable supplier for different economies around the world, a position Argentina seeks to strengthen amid the Vaca Muerta boom.
Marín con el Presidente uruguayo
YPF and its partner companies believe that the predictability of long-term contracts, such as this one signed with ENAP, is essential. This way, it will be possible to guarantee sustained investment, increase transportation capacity, and ensure growing volumes of unconventional crude oil.
The agreement through 2033 comes at a time of expansion for the local oil sector. Neuquén's production reached record levels this year, and the export matrix gained prominence in the energy balance. Shale oil is already one of the country's main sources of foreign currency.
The continuity of the OTA, increased capacity with Vaca Muerta Norte, and the possibility of accessing Pacific ports deepen this process. The alliance with ENAP also ensures stable demand, which allows for planning production increases and providing predictability for the development of the field.
