Palantir Technologies Inc.PLTR
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Defense & Geopolitical Fragmentation
Palantir Technologies Inc.Peter Thiel Bets $76 Million on Argentina's Vaca Muerta Shale
M&A · PartnershipCommodity
Peter Thiel has bought a 1% stake in Vista, one of the biggest companies operating in Argentina's Vaca Muerta shale formation, for $76 million in American depositary shares. The purchase came four months after Thiel met with Argentine President Javier Milei to discuss economic policies and Milei's opposition to wealth taxes. Vista produces about 160,000 barrels of oil equivalent daily in Vaca Muerta and has invested over $6.5 billion there. Crude oil output from the formation hit a record 887,227 barrels per day in May, up 19% from a year earlier, while natural gas output rose 11% year-over-year to 5.5 billion cubic feet per day. Shale oil now accounts for 70.6% of Argentina's total oil production and shale gas 69.8% of its gas production, and analysts expect Vaca Muerta oil output to reach between 1 million and 1.5 million barrels daily by 2030.
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