The American company Exxon Mobil has sold its assets in Vaca Muerta to the Argentine company Pluspetrol in a transaction valued at US$ 1.7 billion, according to Econo Journal. Pluspetrol, which is one of the leading oil companies in Argentina and owned by the Poli and Rey families, became the winner of the bidding for Exxon Mobil's assets, leaving groups like Techint and Vista on one side, and PAE and YPF on the other.
With this transaction, Pluspetrol acquires 70% of the shares, while Qatar Energy retains the remaining 30%. Exxon Mobil, which considers Argentina to be only 2% of its global business, decided to exit the country in 2023, transferring its seven areas in Vaca Muerta to Pluspetrol.
Exxon Mobil, which typically does not comment on commercial details of its operations, divested areas with proven shale oil reserves, such as Bajo del Choique. The American company, founded in 1882 by John Rockefeller, is a giant in the oil business with operations in 40 countries.
The sale of the assets in Vaca Muerta represents one of the largest transactions in the country's history, showcasing the confidence of Argentine capital firms in the local market. The transaction between Exxon Mobil and Pluspetrol stands out in a context where other companies have made significant moves in the sector, such as the acquisition of HSBC by Galicia for US$ 550 million.
In summary, with the sale of its assets in Vaca Muerta, Exxon Mobil opens a new chapter in its corporate history, while Pluspetrol consolidates its positioning in the Argentine oil market.
