Geopark, one of Latin America’s leading independent oil companies, announced the negotiation of the final details of a deal to acquire a stake in an unconventional project in Vaca Muerta. Although the oil company’s statement does not specify with whom it is negotiating, EconoJournal was able to confirm from two private sources not in contact with each other that it is Phoenix Oil&Gas, the oil company controlled by Mercuria Energy, one of the largest fuel traders in the world, which operates the Mata Mora area. Phoenix declined to comment when contacted by this newspaper.
If the deal goes through, which Geopark expects to happen in the coming weeks, Geopark will partner with Phoenix under a non-operator contract. In other words, the operation of the block – as the power to define and execute the development plans of a field is known in hydrocarbons jargon – will remain in the hands of the company, which in Argentina is led by Pablo Bizzotto.
GeoPark said it is in “exclusive negotiations for unconventional blocks in Vaca Muerta” and that “to date, the offer submitted has been accepted by the seller, and the parties are working exclusively for the execution of definitive agreements”.
SOURCE: econojournal.com.ar