Continental Resources Joins a US$4 Billion Argentina Shale Venture
Harold Hamm's Continental Resources will take half of Mercuria-controlled Phoenix Global Resources, in a Vaca Muerta venture planning more than US$4 billion of investment over five years. The post Continental Resources Joins a US$4 Billion Argentina Shale Venture appeared first on The Rio Times .
Continental Resources, an Oklahoma shale producer controlled by billionaire Harold Hamm, has agreed to invest $4 billion over five years into an Argentine shale venture. The joint venture will acquire a 50% stake in Phoenix Global Resources, a Vaca Muerta operator majority-owned by Swiss trading house Mercuria Energy Group. Phoenix currently pumps about 28,000 barrels of oil equivalent per day, with ambitions to increase production to over 100,000 barrels within five years, a fourfold increase.
The investment will be used to drill long horizontal wells in Vaca Muerta shale, an area with rock quality comparable to the best American shale at an earlier stage of development. The joint venture will operate through a jointly controlled company, with both Continental and Mercuria holding equal stakes. The transaction value is undisclosed, and no credible price has been published.
Completion of the venture depends on definitive contracts, closing conditions, and regulatory approvals.
Written by urgent.news from The Rio Times's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
