Continental Resources to invest $4 billion in Argentina's Vaca Muerta

Continental Resources, led by American oil tycoon Harold Hamm, has reached an agreement to acquire a 50% stake in Phoenix Global Resources. This move forms a joint venture with the Swiss commodity trader Mercuria Energy Group to expand operations in Argentina’s Vaca Muerta shale formation.

The partners plan to invest approximately $4 billion over the next five years. The strategic goal is to increase production from the current level of roughly 28,000 barrels of oil equivalent per day to more than 100,000 barrels per day by 2031.

The joint venture will manage approximately 163,000 net acres across six blocks in the Neuquén and Río Negro regions. The portfolio includes assets such as Mata Mora Norte, Mata Mora Sur, Confluencia Norte, Confluencia Sur, Los Toldos II Oeste, and a portion of the Bajo del Toro Este block. The deal remains subject to final agreements and regulatory approvals.