Chile’s Empresa Nacional del Petróleo (Enap) has signed contracts to buy crude from Argentina’s Vaca Muerta shale patch from Argentina’s state-owned YPF SA, Norway’s majority state-owned Equinor ASA, Britain’s Shell PLC and Mexico’s Vista Vitality SAB de CV.
The agreements, which final by June 2033, quantity to about 35 p.c of Enap’s annual crude demand, Enap mentioned in an internet assertion. YPF mentioned individually the preliminary mixed quantity is as much as 70,000 barrels per day (bpd). YPF mentioned its share is round 32,000 bpd or 45.45 p.c of the full quantity.
“The contracts, signed after a negotiation course of and operational testing that lasted greater than two years, contain a projected worth of almost $12 billion, making it the biggest business settlement in Enap’s historical past”, Enap mentioned. “As a reference, the full annual commerce between Chile and Argentina is presently near $8 billion”.
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The volumes will probably be delivered through the greater than 400-kilometer (248.55 miles) Trans-Andean pipeline, co-owned between Enap, YPF and Chevron Corp. After 17 years, the pipeline resumed flows July 2023, delivering about 40,000 barrels per day of Vaca Muerta oil to Enap’s amenities in Hualpén, Región del Biobío, as beforehand reported by Enap.
“The subscription of those contracts offers better safety and stability to the provision of crude oil, strengthens the nation’s power safety, enhances the logistics chain on each side of the mountain vary and reduces dependence on maritime transport that’s repeatedly impacted by elements comparable to climate circumstances or port congestion”, Enap mentioned.
“As well as, it permits for the acquisition of crude oil with a decrease sulfur content material, which is helpful from an environmental standpoint.
“It additionally reinforces Enap’s lately introduced positioning with regard to its logistics enterprise, as it is going to allow the export of crude oil from Vaca Muerta by the Terminal Marítimo San Vicente, positioned in Talcahuano, selling this location as a brand new hub for the cargo of this product through the Pacific Ocean”.
YPF mentioned, “The connection with Enap has deepened in recent times following the rehabilitation of the Trasandino Pipeline and the development of the Vaca Muerta Norte Pipeline, key infrastructure to optimize crude evacuation to Chile and doubtlessly to worldwide markets through the Pacific. At present, 40 p.c of exports from the Neuquén basin are transported by this technique”.
YPF, in its earnings webcast November 10, reported a third-quarter shale oil manufacturing of 165,000 bpd.
Equinor’s annual report mentioned it had produced 19,000 barrels of oil equal a day (boed) in Argentina final yr. Equinor says on its web site its present manufacturing within the nation comes from the YPF-operated Bandurria Sur block in Vaca Muerta.
Shell says on its web site it derives 8,000 boed from Argentina, the place it held producing stakes in Vaca Muerta and the Acambuco space in line with its 2024 annual report.
Vista says on its web site it produced 126,300 boed in Vaca Muerta within the third quarter of 2025.
To contact the writer, electronic mail jov.onsat@rigzone.com
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