Argentina Offers 15 Vaca Muerta Oil Blocks for Bid

Argentina has opened bids on 15 shale oil blocks in the Vaca Muerta formation. The auction is the largest in a decade. State-controlled energy company YPF announced a $25 billion oil export project at the same time. The project includes the VMOS export pipeline and terminal, which are already under development.

Bidders are expected to include YPF, Chevron, Shell, Pan American Energy, Vista Energy, Pampa Energía, Tecpetrol, Eni, Total Energies, and BP.

Global oil importers are seeking supply sources outside the Strait of Hormuz, OPEC production limits, and Russian supply routes. Vaca Muerta production is not subject to those constraints. The blocks and export infrastructure together represent an effort to expand Argentina's oil output and export capacity.