YPF, together with Vista, Shell Argentina and Equinor, signed a long‑term shale‑oil export agreement with Chile’s national oil company ENAP that will allow the Argentine producer to ship up to 70,000 barrels per day of Vaca Muerta‑derived shale oil until June 2033, generating an estimated $12 billion in revenue for Argentina over the life of the contract.
The deal expands YPF’s export footprint and supports its strategic pivot to a pure‑shale model. Vaca Muerta production is expected to reach 190,000 barrels per day by the end of 2025, and the agreement leverages the reactivated Oleoducto Trasandino (Otasa) pipeline to move crude across the Andes, cutting reliance on maritime transport and reducing logistics costs.
Financially, the contract provides a new revenue stream for YPF amid a challenging period. ENAP reported a first‑half 2025 profit of $318.4 million, an 84% increase over the same period in 2024, while YPF posted a nine‑month net loss of 181,638 million pesos. The $12 billion of projected revenue will help offset YPF’s losses and reinforce its balance sheet.
Strategically, the agreement secures a long‑term customer for YPF and strengthens Argentina’s position as a net energy exporter. For ENAP, the deal guarantees a stable, high‑quality crude supply, enhancing energy security and supporting profitability in a market where it has recently improved its financial health.
Management highlighted the deal’s importance. YPF CEO Horacio Marin said the company is “focused on scaling shale production and expanding export markets,” while ENAP CEO Julio Friedmann noted that a long‑term supply agreement “strengthens our competitiveness and supports our commitment to energy security.”
While no immediate market reaction data is available, the agreement aligns with Argentina’s broader Vaca Muerta export strategy and is expected to reinforce YPF’s position as a leading regional shale‑oil exporter.
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