What's Happening?
GeoPark has finalized its acquisition of a 100% operated working interest in the Loma Jarillosa Este and Puesto Silva Oeste blocks from Pluspetrol S.A., located in Argentina's Vaca Muerta formation. The
Government of Neuquén Province has issued decrees formalizing the transaction, granting all necessary governmental and regulatory approvals. GeoPark has transferred a 5% working interest in the Puesto Silva Oeste block to Gas y Petróleo del Neuquén S.A. (GyP), which joins as a strategic partner. The transaction, valued at approximately $115 million, expands GeoPark's footprint in one of South America's most active unconventional oil regions. GeoPark's teams are mobilized to begin operational work across both blocks.
Why It's Important?
The acquisition marks a significant milestone for GeoPark, enhancing its presence in the Vaca Muerta formation, a region attracting international investment for large-scale oil development. This move aligns with GeoPark's strategy to grow production and reserves through disciplined investment and partnerships with local stakeholders. The transaction also reflects the ongoing interest in unconventional oil resources in South America, which are crucial for meeting global energy demands. GeoPark's commitment to operational excellence and environmental stewardship is expected to contribute positively to the local economy and energy sector.
What's Next?
GeoPark is set to commence operational activities in the newly acquired blocks, focusing on developing these assets with a commitment to environmental and social responsibility. The partnership with GyP is expected to facilitate strategic development and enhance production capabilities. As GeoPark integrates these assets into its portfolio, it will likely explore further opportunities for expansion and investment in the region, potentially attracting more international stakeholders to the Vaca Muerta formation.
