Deal · Argentina
Womble Bond Dickinson and Marval advise TotalEnergies on $500m sale of oil and gas blocks in Argentina
Womble Bond Dickinson has advised TotalEnergies on the strategic disposal of its 45% operated interest in two unconventional oil and gas blocks in the Vaca Muerta region of Argentina (Rincón La Ceniza and La Escalonada) by its subsidiary, Total Austral, to Argentine energy company YPF S.A.
Womble Bond Dickinson has advised TotalEnergies on the strategic disposal of its 45% operated interest in two unconventional oil and gas blocks in the Vaca Muerta region of Argentina (Rincón La Ceniza and La Escalonada) by its subsidiary, Total Austral, to Argentine energy company YPF S.A.
The transaction, valued at $500m, closed on Monday 29 September.
The Womble Bond Dickinson team was led in London by Colin Graham, Carl Powlson, Scarlett Hanks and Sarah Deckers, with José Luis Vittor, Francisco Balduzzi, Analilia Gomez and Ian Beckelman leading in the US.
TotalEnergies’ legal team was led by Vincent Bastien, Pierre Monteil, Gabriela Rosello and Léonore de Mullewie.
TotalEnergies was supported by Marval, O’Farrell Mairal in Buenos Aires (Francisco Macías, María Ines Brandt, Francisco Abeal, Soledad Riera, Pablo Artagaveytia y Maria Virginia Canzonieri, oil & gas regulatory and tax) and Gide Loyrette Nouel in Paris (Elizabeth Gautier, anti-trust).
YPF S.A. were advised by Milbank in New York (Francisco Núñez and Ross Shepard) and Pérez Alati, Grondona, Benites & Arntsen (Francisco Javier Romano, Manuel Benites and Luis Barry) in Buenos Aires. The YPF S.A. legal team was led by Fernando Gomez Zanou and Pilar Rodriguez Salto
YPF S.A. will operate these concessions with the partners Gas y Petroleo de Neuquen (10%) and O&G Developments LTD S.A (45%), owned by Shell.
This transaction allows TotalEnergies to unlock value from part of its strong Argentine portfolio, while focusing on the development of core assets in the Neuquén Basin and in the offshore of Tierra del Fuego.
Partner in the corporate team at Womble Bond Dickinson in London, Colin Graham said: "We are pleased to have assisted TotalEnergies with this significant divestment. The complexity of the deal highlights our firm’s global strength in upstream M&A matters, the bench-strength of our transatlantic Lat Am practice and our ability to advise clients on their most strategic transactions, leveraging our international network."
