Malaysia’s Petronas is evaluating a sale of its shale oil asset in Argentina, a transfer that might full its exit from the nation’s booming Vaca Muerta fields as a number of worldwide drillers additionally look to divest from the area.
Petronas has begun a course of that will end in a sale of its 50% stake in La Amarga Chica, a enterprise with state-run YPF SA within the oil manufacturing heartland of Vaca Muerta, in keeping with folks aware of the matter who couldn’t be named discussing non-public issues. Petronas has already been in talks with a possible suitor, one of many folks stated.
Petronas didn’t reply to a request for remark.
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Final yr, Petronas left a enterprise with YPF to develop a undertaking for liquefying and exporting shale fuel.
Petronas’ involvement in La Amarga Chica started in 2014, when Argentina’s shale business was simply getting began. The sector’s dimension is about 46,000 acres, with half corresponding to every companion, in keeping with YPF.
If the sale does go forward, Petronas would comply with Exxon Mobil Corp. in divesting from Argentine shale oil and monetizing the property at a time when the outlook for Vaca Muerta is bettering underneath President Javier Milei.
Equinor ASA can also be eyeing the door, whereas TotalEnergies stated this week it could promote if it might reap the type of wealthy valuations that Exxon received. That’s left the stage largely to homegrown corporations.
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