US, Swiss-linked firms bid for Vaca Muerta oil blocks

U.S. oil giant Continental Resources and Phoenix, a company under Swiss firm Mercuria, have joined forces to bid on oil and gas exploration blocks in Argentina's prolific Vaca Muerta formation. The partnership submitted technical offers for six of the fifteen blocks made available by the Neuquén provincial government, signaling a significant move in the region's energy sector.

This joint venture represents the most substantial participation in Neuquén's international tender for Vaca Muerta blocks since 2017. The process now moves to the economic bid stage, with other companies like GeoPark, Patagonia Energy, and Petroquímica Comodoro Rivadavia also submitting offers. The provincial state-owned company Gas y Petróleo del Neuquén (GyP) will actively partner in the development of the awarded blocks, aiming to foster new projects.

Vaca Muerta, located in Neuquén, is a globally significant resource, ranking as the second-largest unconventional gas reserve and fourth-largest unconventional oil reserve worldwide. Continental Resources, a major U.S. unconventional crude producer founded by Harold Hamm, already has a presence in Vaca Muerta, having acquired the Los Toldos II Oeste block in late 2025 and partnered with Argentina's Pan American Energy to develop four other areas. The formation's development, initiated by Argentina's YPF in 2013, has attracted approximately $52 billion in investment, enabling Argentina to balance its energy trade and pursue hydrocarbon exports.

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GyP will have an active role as a partner in the development of the blocks, coordinating with companies and investors and creating the conditions for the realization of new projects in the province.