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Local and international energy companies are vying for additional exploration blocks in Argentina’s Vaca Muerta shale basin as the Middle East crisis and the blocked Strait of Hormuz are reigniting a global race to tap resources outside conflict zones. What was a predominantly U.S. business until a few years ago, shale exploration and production is now gaining momentum outside North America. And Argentina’s Vaca Muerta is top of the list of oil and gas companies, including U.S. shale giants, as a de-risked basin with proven geology that’s far away from having to rely on the Strait of Hormuz or any other corridor in the Middle East to ship barrels out. Interest in the new licensing round for 15 blocks in Vaca Muerta—the biggest auction in the basin in a decade—is expected to be high as the U.S. shale boom goes global and energy companies are shifting their bets from conflict zones to safer jurisdictions, analysts say. Vaca Muerta—Spanish for ‘dead cow’—has been dubbed the Argentinian Permian, although its geologic properties have been compared more appropriately to the Eagle Ford. The shale play is estimated to hold recoverable resources consisting of 16 billion barrels of oil and 308 trillion cubic feet of natural gas. Those numbers make the Vaca Muerta the world’s second-largest shale gas deposit and the fourth-biggest shale oil resource. Related: Xi-Trump Summit Disappoints as Oil Bulls Regain Momentum After a slow start earlier this decade, Vaca Muerta is now booming, with crude oil production increasing by about 16% from last year, and now topping 800,000 barrels per day (bpd). By the end of the decade, and possibly sooner, the Argentinian shale play will be able to deliver 1 million bpd of crude oil, as well as a lot of natural gas, industry and analysts say. Vaca Muerta has already made Argentina the fourth-largest oil producer in Latin America—a position that may improve in the future as the government prioritizes the development of the local energy industry, encouraging infrastructure projects aiming to boost the offtake capacity of the Vaca Muerta. U.S. shale giant Continental Resources, the company founded by Harold Hamm, earlier this year doubled down on its shale expansion outside the U.S. with an acquisition of stakes in four Vaca Muerta blocks. “Vaca Muerta is one of the most compelling shale plays in the world, and we're thrilled to continue to invest in Argentina and build Continental's position through this agreement with Pan American Energy,” Continental Resources president and CEO Doug Lawler said in January. “We take a long-term view of resource development, regardless of geography. As I like to say, 'The rock doesn't know what country it's in.'” The prospects for Vaca Muerta look bright for the coming years, especially as the Neuquén province launches the biggest licensing round in the shale play in a decade, offering 15 blocks up for grabs—more than double the number of blocks in the previous auction. Amid the global oil supply shock this year, Vaca Muerta tops the shortlist of regions where the next generation of reliable barrels will come from, analysts at Rystad Energy said this week. The Argentinian shale play is already outperforming U.S. plays such as the Permian, Bakken, and Eagle Ford on well productivity measures, Rystad Energy reckons, and expects crude production from Vaca Muerta to top 1 million bpd by the end of the decade. “Argentina is offering international companies their best organic entry point into Vaca Muerta in a decade,” Jai Singh, Head of US Oil & Gas Research at Rystad Energy, said, referring to the bid round of 2026. “The basin is maturing fast, infrastructure is being built at pace, and the bid terms are designed to attract operators who can bring North American shale expertise to bear.” According to Singh, “This bid round is the moment that the world’s most important non-US shale play formally invites the world in.” By Tsvetana Paraskova for Oilprice.com More Top Reads From Oilprice.com

As the Middle East conflict exposes the fragility of global supply chains built around the Strait of Hormuz, energy companies and importing nations alike are reassessing where the next generation of reliable barrels will come from. The Vaca Muerta Shale sits at the top of that shortlist, with Argentina throwing open 15 new exploration blocks in the play to international and domestic energy companies — the largest bid round since 2016 and more than double the six blocks offered in the previous provincial auction. Vaca Muerta is the largest commercial shale play open to international exploration and production companies outside of North America, and the play is already outperforming the US plays such as the Permian, Bakken, and Eagle Ford on well productivity measures. Rystad Energy predicts that crude production from the basin is on course to reach more than 1 million barrels per day by the end of the decade. Argentina is offering international companies their best organic entry point into Vaca Muerta in a decade. The basin is maturing fast, infrastructure is being built at pace, and the bid terms are designed to attract operators who can bring North American shale expertise to bear. For anyone who missed the first wave, this is the knock on the door they have been waiting for. Jai Singh, Head of US Oil & Gas Research, Rystad Energy The 15 blocks, offered through Neuquén provincial company Gas y Petróleo del Neuquén (GyP), span the full breadth of the play — from the condensate-rich northwest to the oil-heavy northeast and the more frontier southern fringe. Most transactions in the basin since the last provincial round have been inorganic, meaning primarily acquisitions and farm-in deals rather than fresh acreage. The timing reflects rising international appetite, most visibly demonstrated by the recent acquisition by US shale pioneer Continental Resources of a 90% stake in the Los Toldos II Oeste block and its subsequent farm-in to Pan American Energy assets. Well breakeven prices across the most prospective blocks run between $32 and $49 per barrel, which is competitive with many established global shale plays. The appeal is not limited to overseas companies, as local operators have an equally strong incentive to participate. Existing infrastructure connections, regional geology expertise, and the strategic value of blocks adjacent to their current acreage make this a compelling opportunity for companies already operating in Neuquén. Bidders will compete through a combination of working interest carried for GyP, royalties incrementally above the 15% minimum, work program commitments, and an access bonus, with a minimum threshold of $500,000 per block. New entrants into Vaca Muerta will also need to overcome several operational and geological challenges to successfully de-risk and eventually develop these blocks. Some areas, particularly those closer to the deformation front and structurally complex regions, will require companies to have a strong understanding of local faulting, stress regimes, and landing zone variability. Beyond subsurface complexity, operators will likely need to establish a strong local organization and supply chain presence in Neuquén, as local relationships and operational experience have become increasingly important differentiators across the basin. Vaca Muerta’s well productivity already rivals the best of the US Permian Basin on a normalized basis, and Argentina has spent the last several years quietly building the pipelines and export terminals needed to turn that geology into global supply. This bid round is the moment that the world’s most important non-US shale play formally invites the world in. Jai Singh, Head of US Oil & Gas Research, Rystad Energy By Rystad Energy More Top Reads From Oilprice.com