Thiel Bets Big on Argentina's Vaca Muerta Shale Formation

Palantir chairman and hedge fund owner Peter Thiel has invested $76 million in Vista, one of the biggest companies operating in Argentina's Vaca Muerta shale formation. This marks a significant bet on the country's potential as a major source of oil and gas amid a global energy crunch.

The investment comes four months after a meeting between Thiel and Argentine President Javier Milei, during which they discussed economic policies and the president's opposition to wealth taxes.

Vista produces around 160,000 barrels of oil equivalent daily in the Vaca Muerta play, with investments totaling over $6.5 billion to date. Big Oil supermajors have also built a presence in the formation, positioning themselves for another potential oil boom.

Natural gas output in May hit an all-time high of 887,227 barrels per day, up by 19% from last year. Analysts expect oil production at Vaca Muerta to reach between 1 million and 1.5 million barrels daily by 2030.