Equinor Sells Vaca Muerta Onshore Assets in $1.1 Billion Deal With Vista

Norway’s Equinor has agreed to divest its full onshore portfolio successful Argentina’s prolific Vaca Muerta basin to Vista Energy successful a transaction valued astatine astir $1.1 billion, arsenic the institution continues to streamline its planetary upstream footprint.

The woody covers Equinor’s non-operated stakes successful 2 shale assets: a 30% involvement successful Bandurria Sur and a 50% involvement successful Bajo del Toro. Equinor’s offshore acreage successful Argentina is not portion of the transaction and remains a halfway constituent of its longer-term optionality successful the country.

Under the presumption of the agreement, Equinor volition person $550 cardinal successful upfront currency astatine closing, on with Vista Energy shares. Additional contingent payments are tied to aboriginal accumulation levels and lipid prices implicit a five-year period. The transaction is effectual from July 1, 2025, with closing taxable to regulatory and different customary approvals.

Equinor said the merchantability reflects a value-driven attack to portfolio absorption arsenic it prioritizes superior allocation toward its halfway planetary markets. Executive Vice President for Exploration & Production International Philippe Mathieu described the assets arsenic “high-quality” but said the divestment supports the company’s broader effort to high-grade its portfolio and amended fiscal flexibility.

Argentina has been portion of Equinor’s upstream strategy since 2017, erstwhile it entered Vaca Muerta done a associated exploration statement with state-owned YPF astatine Bajo del Toro. The institution expanded its onshore beingness successful 2020 by acquiring a involvement successful Bandurria Sur, 1 of the basin’s much precocious improvement areas.

Production from Bandurria Sur has been a meaningful contributor to Equinor’s Argentine output. In the 3rd 4th of 2025, the company’s nett stock averaged astir 24,400 barrels of lipid equivalent per day. Bajo del Toro, by contrast, remains astatine an aboriginal improvement stage, delivering astir 2,100 nett boe per day.

Vista Energy, a large autarkic relation successful Argentina’s shale sector, has been steadily consolidating its presumption successful Vaca Muerta arsenic planetary players reassess superior deployment successful higher-cost oregon non-core regions. The acquisition further strengthens Vista’s operated footprint successful the basin, which is wide viewed arsenic 1 of the world’s largest unconventional lipid and state resources.

While exiting onshore operations, Equinor is keeping its offshore exploration vulnerability successful Argentina. The institution holds 8 offshore licenses crossed the North Argentinian Basin and the Austral and Malvinas basins, acquired successful 2019. Subsurface studies are ongoing, and determination are presently nary drilling commitments associated with those licenses.