U.S. shale billionaire Harold Hamm is making a multibillion-dollar bet on Argentina's Vaca Muerta, becoming the latest high-profile American investor to target the rapidly expanding shale basin.
Hamm's Continental Resources has agreed to acquire a 50% interest in Phoenix Global Resources, creating an equal joint venture with commodities giant Mercuria Energy Group. The partners plan to invest more than $4 billion over five years and increase Phoenix's production from more than 28,000 barrels of oil equivalent per day to over 100,000 boed.
The combined portfolio will encompass approximately 163,000 net acres across six Vaca Muerta blocks. The proposed transaction remains subject to definitive agreements, closing conditions and regulatory approvals.
Continental is no stranger to the formation. The company entered Argentina last year by acquiring **** ets from Pluspetrol and subsequently bought interests in blocks operated by Pan American Energy. CEO Doug Lawler credited President Javier Milei's economic reforms with helping create the conditions for Continental's latest investment.
Hamm isn't the only American billionaire taking an interest.

#american #continental #shale #latest