Continental Resources has entered into an asset sale and purchase agreement with Pan American Energy (PAE) to obtain non-operating stakes in four blocks in Argentina’s Vaca Muerta shale play in the Neuquén Basin.
The financial terms of the deal were not disclosed by Continental, a US-based unconventional resource developer.
Located in northern Patagonia, the Neuquén Basin is recognised for its diverse resources. For several years, the region has been exploited for its oil and natural gas deposits.
Continental Resources aims to leverage its experience and technical skills developed over decades in the US to explore opportunities at Vaca Muerta.
President and CEO Doug Lawler said: “Vaca Muerta is one of the most compelling shale plays in the world, and we are thrilled to continue to invest in Argentina and build Continental's position through this agreement with Pan American Energy.
“PAE is a highly capable operator with deep basin experience. We are eager to learn from PAE and share Continental's unconventional expertise to advance the Vaca Muerta.”
The company's strategy involves combining non-operated participation with operated development to tap into Argentina's considerable unconventional resources.
The collaboration involves Continental Resources and PAE exchanging insights into completion design, development planning, infrastructure, market pathways, operating practices and subsurface characterisation.
PAE CEO Marcos Bulgheroni said: “This strategic relationship with one of the leading independent oil and gas companies in the United States aims to accelerate the development of the four areas in both provinces.
“As a non-operating owner, Continental will contribute its know-how in de-risking, development and operational efficiency, with the goal of unlocking the enormous unconventional resources our country possesses.”
This deal marks an expansion of Continental Resources’ presence in the Vaca Muerta region, following a similar agreement signed in November 2025 for operated interests in the Los Toldos II Oeste block.
Under the terms of the November 2025 deal, Continental Resources agreed to purchase a 90% working interest in the Los Toldos II Oeste block from Pluspetrol.
Continental will act as the concession’s operator, while Gas y Petróleo de Neuquén will maintain the remaining 10% stake, in line with the established regulatory development framework in the Neuquén Basin.
In 2025, Continental Resources’ produced around 500,000 barrels of oil equivalent per day (boepd), close to three billion barrels equivalent of captured resources, and operated more than 5,200 wells.
