On April 16, 2025, PETRONAS Carigali Canada B.V. and PETRONAS Carigali International E&P B.V. (jointly, PETRONAS) have completed the sale of 100% of the capital stock of PETRONAS E&P Argentina S.A. (PEPASA) to Vista Energy, S.A.B. de C.V. and Vista Argentina S.A.U. The transaction is valued at approximately US$1.5 billion (about C$2.05 billion), comprising US$900 million in cash (C$1.23 billion), US$300 million in deferred payments (C$410 million), and 7.3 million American Depositary Shares representing Vista’s Series A shares. Mayer Brown advised PETRONAS along with Marval O’Farrell Mairal, while Vista Energy was advised by Clifford Chance and Bruchou & Funes de Rioja.

PEPASA holds a 50% working interest in the La Amarga Chica (LACh) unconventional oil and gas concession in the Vaca Muerta formation in Neuquén, Argentina. LACh spans 46,594 acres, had 247 producing wells as of December 2024, and produced an average of 79,543 barrels of oil equivalent per day in Q4 2024, including 71,471 barrels of oil per day. The block holds 280 million barrels of proved reserves as certified by Argentina’s Secretary of Energy. The acquisition makes Vista Energy an equal partner with YPF S.A., Argentina’s national energy company and LACh operator, under a joint venture agreement extending through 2049. The deal strengthens Vista’s position as Argentina’s second-largest shale oil producer while PETRONAS retains indirect exposure to the sector through its shareholding in Vista.