Harold Hamm’s Continental expands push into Vaca Muerta shale

Billionaire Harold Hamm’s Continental Resources reached an agreement to buy assets in Argentina from Pan American Energy, expanding its push into the Vaca Muerta shale basin.

The Oklahoma City-based company agreed to buy non-operating interests in four blocks from Pan American, according to a statement Monday. Terms were not disclosed.

Hamm, a significant donor to US President Donald Trump, was one of the earliest champions of horizontal drilling and hydraulic fracturing that led to the US shale revolution. Those same techniques are key to developing Vaca Muerta. In November, Continental signed a deal to buy assets in the Vaca Muerta from Pluspetrol SA.

“Vaca Muerta is one of the most compelling shale plays in the world,” Continental President and Chief Executive Officer Doug Lawler said in a statement.

After more than a decade of development, production in Vaca Muerta in Patagonia is finally heating up. With almost 600,000 barrels a day, it accounts for two thirds of Argentina’s crude output, spurring the country’s production back to near-record levels last seen on the eve of its crippling economic crisis 23 years ago.

A key factor has been President Javier Milei pushing to ease regulations, making Argentina more appealing to foreign investment that’s been key to drilling and pipeline expansions.

Buenos Aires-based Pan American is 50 percent owned by BP Plc.