Pluspetrol plans US$500mn debt sale amid Vaca Muerta push

Rating agency Fitch estimates Argentine oil and gas producer Pluspetrol will deploy capex of US$1.5bn this year and an annual average of US$1.8bn between 2027 and 2029. Against the backdrop, Pluspetrol is planning to issue US$500mn in bonds, with proceeds earmarked for debt refinancing and for capex and working capital purposes.  This is in line with comments made during an industry webinar hosted recently by natural gas trading platform Megsa, where attendees were told cash flow alone was not enough to bankroll ambitious oil sector expansion plans. Fellow rating agency Moody’s said: “The company reported US$524mn in cash and equivalents as of March 2026, and we expect it to generate sufficient cash flow from operations through 2026 to cover interest payments of approximately US$200mn and debt amortizations of around US$305mn.  “However, given its ambitious capex program, we expect Pluspetrol to fund these investments through additional debt.” Fitch assumes average Brent prices of US$87/b for this year, US$65/b for 2027 and US$60/b for 2028-29. About 80% of company revenues are from oil, the balance gas. Pluspetrol is looking to ramp up production, with a chief focus Vaca Muerta blocks Bajo del Choique-La Invernada and La Calera.  Pluspetrol has sought Rigi investment incentive regime benefits for a US$12bn project to develop Bajo del Choique-La Invernada. Fitch estimates Pluspetrol production to register at 110,000boe/d this year, 147,000boe/d in 2027, 181,000boe/d in 2028 and 216,000boe/d in 2028. Pluspetrol is the third largest oil and gas operator in Vaca Muerta and the No. 2 player in the formation by acreage.  By planned capex for 2026 in Vaca Muerta, Pluspetrol has the second biggest spending pot after state-controlled giant YPF, which is expected to deploy around US$5.5bn. ALSO READ: Argentina’s TGS signs agreements tied to US$3bn natural gas liquids projectALSO READ: What’s fueling Argentina’s multibillion-dollar natural gas liquids push



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