Equinor has signed an agreement with Vista Energy to divest its full onshore position in Argentina’s Vaca Muerta basin. The transaction includes Equinor’s 30% non-operated interest in the Bandurria Sur asset and its 50% non-operated interest in the Bajo del Toro asset. Equinor’s Argentinian offshore acreage is not affected by the transaction.
The total consideration is valued at around USD 1.1 billion. At closing, Equinor will receive an upfront cash payment of USD 550 million as well as shares in Vista. The consideration also includes contingent payments linked to production and oil prices over a five-year period. The transaction has an effective date of 1 July 2025.
“We are realising value from two high-quality assets we have actively developed as we continue to high-grade our international portfolio,” says Philippe Mathieu, executive vice president for Exploration & Production International.
“This transaction strengthens Equinor’s financial flexibility as we evaluate opportunities in our core international markets, where we see substantial growth towards 2030. At the same time, we retain optionality through our offshore positions in Argentina.”
The international portfolio is expected to grow production and cash flow towards 2030, driven by core positions in Brazil, the US, and the UK.
Equinor has been present in Argentina since 2017, entering the Vaca Muerta through a joint exploration agreement with YPF on the Bajo del Toro asset. The onshore portfolio was expanded in 2020 with the acquisition of Bandurria Sur.
Equinor’s share of the Bandurria Sur production averaged 24,400 barrels of oil equivalent (boe) per day in 3Q 2025. Bajo del Toro, which is still in an early development phase, contributed 2,100 net boe per day.
In 2019, Equinor added eight offshore exploration licenses to its portfolio, in the North Argentinian Basin and the southern Austral and Malvinas basins. Subsurface evaluation is ongoing to determine the most commercially attractive path forward for the offshore portfolio. There are no current well commitments across the licenses.
“This is a value-driven decision that enhances the resilience of our international portfolio and sharpens our focus in Argentina,” says Chris Golden, senior vice president for the US and Argentina in Exploration & Production International.
Closing of the transaction will, among other things, be subject to relevant approvals.
