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Investing.com -- Argentina’s state-run energy firm YPF SA (NYSE:YPF) has agreed to purchase TotalEnergies (EPA:TTEF) SE’s assets in the Vaca Muerta shale formation for $500 million, continuing a trend of international oil companies divesting from the country.
The deal involves YPF taking over Total ’s stakes in the La Escalonada and Rincon La Ceniza blocks, according to a company filing on Wednesday. These blocks are located in an underdeveloped area of the Vaca Muerta shale formation, near where Chevron Corp. (NYSE:CVX) also operates a key asset.
This transaction follows similar moves by other major international energy companies. Exxon Mobil Corp (NYSE:XOM). and Malaysia’s Petronas have both sold their operations in Argentina since President Javier Milei took office in December 2023.
The divestments come despite Milei’s pro-market stance and campaign promises to boost oil production through libertarian economic reforms. Milei had pledged to maximize oil output in the country as part of his pro-business platform.
YPF stock is up 2.1% in U.S. trade following the news.
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