ConocoPhillips Buys into Vaca Muerta

What You Need to Know On July 25, 2019, Neuquen province governor, Omar Gutierrez, confirmed the arrival of ConocoPhillips into Vaca Muerta development in the Bandurria Norte and Aguada Federal blocks, both operated by the German company Wintershall Dea. Wintershall announced it has signed a sales and purchase agreement with ConocoPhillips where Wintershall will continue as operator. The transaction is expected to be concluded before the end of 2019 subject to the Neuquen authority’s approval. On completion of the deal ConocoPhillips will hold 45% WI in the 97.44 sq km Aguada Federal license with Wintershall retaining operatorship with 45% and provincial company Gas y Petroleo del Neuquen the remaining 10% WI. ConocoPhillips will acquire a 50% share in the 107 sq km Bandurria Norte block with Wintershall retaining operatorship and 50% equity. In March 2019, Wintershall announced plans to invest about US$ 600 million over three years in its Vaca Muerta Shale projects and others in the Neuquen Basin. About US$ 200 million will be invested each year through 2021 in Vaca Muerta pilot programs with an eye to moving into a massive development stage, including these two areas. The deal brings ConocoPhillips unconventional expertise into the Vaca Muerta play… continue reading

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Source: CTRM Center

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