Chile's ENAP Signs Massive Deal to Buy Oil from Argentina's Vaca Muerta Region

Written by Amir Richani for Industrial Info Resources (Sugar Land, Texas)

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Summary

Enap inked a deal to buy up to 70,000 barrels per day of crude oil from Argentina's Neuquen province that could be worth nearly US$12 billion. Oil from the Neuquen province, home of Vaca Muerta, has helped Argentina reach a production record of 859,500 barrels per day in October.

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Deal to Meet 35% of Enap's Oil Demand

Chilean energy company Empresa Nacional del Petróleo (Enap) (Santiago) signed a deal to buy crude oil from YPF (Buenos Aires, Argentina) as well as Vista Energy, Shell Argentina and Equinor through June 2033. The oil will come from the Vaca Muerta region, in Argentina's Neuquen province. The deal will secure up to 70,000 barrels per day (BBL/d), or 35% of Enap's crude oil demand, and could be worth US$12 billion, representing the company's largest commercial agreement on record.

The oil will be transported through the 115,000-BBL/d Transandino oil pipeline, which connects Argentina's Neuquén province with Chile's Biobio province. The 400-kilometer pipeline had been shut down for 17 years, but was rehabilitated in 2023 and began to move crude oil from Vaca Muerta to Enap in Hualpen, Chile. Subscribers to Industrial Info's Global Market (GMI) Oil & Gas Pipeline Database can view the pipeline profile.

"This is a highly relevant milestone and consistent with the strategic definitions we have adopted, and is in line with Enap's 2040 plan," said Julio Friedmann, the chief executive officer of Enap. "The result of this agreement contributes to improving Enap's competitiveness and allows our country to have greater energy security, as we will be able to strengthen the production of essential fuels for industries, transportation, and people's daily lives."

According to YPF, 40% of all oil exported from the Neuquen province exports is shipped through the Transandino pipeline.

Neuquen and Vaca Muerta Production

The Neuquen province is by far the largest oil producer in Argentina, accounting for 58.6% of the 708,000 BBL/d produced last year, and 64.2% of the output in 2025, according to data from Argentina's energy secretary. An overwhelming 95% of the volume produced between January and October this year in Neuquen came from shale operations.

In October, Argentina reached a record output of 859,500 BBL/d, thanks to the development of new production areas in Vaca Muerta. Shale oil volumes from Vaca Muerta accounted for roughly 66.7% of the volume.

Key Takeaways

• Enap signs contract to import up to 70,000 BBL/d from Argentina worth US$12 billion.
• Oil will be transported through the reactivated Transandino pipeline.
• Argentina's oil production reached a record 859,500 BBL/d in October.

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