Mercuria and Continental Resources Team Up for Vaca Muerta Growth
Continental Resources and Mercuria are joining forces to boost oil production in Argentina's Vaca Muerta field. The two companies have announced a plan for a joint venture operating company, with each holding a 50% stake.
The partnership aims to combine the interests of Phoenix Global Resources, Continental Resources, and other stakeholders across six blocks in Vaca Muerta. This will bring together around 163,000 net acres, including areas operated by Continental and acquired from Integra.
According to Mercuria's release on August 20, the partnership is expected to qualify for Argentina's Large Investment Incentive Regime (RIGI), which provides 20 years of fiscal, foreign-exchange, and regulatory stability for large-scale developments.
Continental Resources' CEO, Doug Lawler, said that the reforms led by President Milei and his administration 'generated our interest in Argentina and strengthened our confidence in its future.'