The changing face of Argentina’s upstream

Sector at economic and strategic crossroads, but clear path ahead for midstream additions

As 2025 fast approaches, Argentina is reacting to a busy year of M&A with strong upstream growth and plenty of consolidation. In August, the energy ministry said hydrocarbons production had reached its highest level in 20 years. State oil and gas firm YPF continues to focus on growth in the Vaca Muerta shale play, offloading non-core conventionals to smaller domestic E&Ps, while several of IOCs are weighing possible exits from the country. ExxonMobil is set to become the first, recently agreeing to offload its Vaca Muerta assets for a reported $1.7b to Buenos Aires-headquartered Pluspetrol. Equinor is expected to follow suit, leaving Chevron, TotalEnergies and Shell as the only remai