France's TotalEnergies has given up its stake in two Argentine oil and gas fields in the Vaca Muerta region

French energy company TotalEnergies announced today that its subsidiary Total Austral has signed an agreement with YPF SA to sell its 45% stake in two unconventional oil and gas fields in Argentina, Rincon-La Ceniza and La Escalonada, for $500 million.

Rincón La Ceniza and La Escalonada are located in the Vaca Muerta area of the Neuquén Basin and are currently in the pilot development phase. Total Austral's partners in these concessions are Gas y Petroleo de Neuquen (10%) and O&G Developments LTD SA (45%), both owned by Shell.