In a strategic move that strengthens Argentina’s position as a key energy supplier in the region, Pluspetrol has secured a contract to supply natural gas to Uruguay’s state-owned petroleum company, the Administración Nacional de Combustibles, Alcohol y Pórtland (Ancap). This agreement not only guarantees Uruguay’s total natural gas supply until 2028 but also establishes Pluspetrol as Argentina’s leading gas exporter in 2025 so far.
The contract, set to take effect in May 2025 and run until December 2028, will see Pluspetrol supplying gas extracted from the La Calera field, one of its key assets in Vaca Muerta. The gas will be delivered at the Argentina-Uruguay border via the Gas Link Pipeline and the Cámara Colón in Entre Ríos.
The agreement outlines a firm natural gas export deal with volumes adjusted according to seasonal demand:
The export price will be based on the minimum rates set by Argentina’s Secretariat of Energy at the Punto de Ingreso al Sistema de Transporte (PIST), currently equivalent to 5.5% of Brent crude prices, plus firm transportation costs.
This contract marks a turning point in the energy trade between Argentina and Uruguay. Between 2019 and 2024, Argentina’s state-owned energy company, Enarsa, managed Uruguay’s gas supply, selecting private producers for summer sales while ensuring winter supply via Liquefied Natural Gas (LNG).
The new agreement with Pluspetrol is the first in five years where a private company will independently supply Uruguay without Enarsa’s mediation. This aligns with Pluspetrol’s strategy to strengthen its position as a leading exporter of Argentine gas.
The gas exported to Uruguay will come from the La Calera field, one of the most significant in Vaca Muerta. This block is the largest producer of gas with associated liquids in Argentina, a crucial factor for profitability in unconventional resource development.
In 2023, Pluspetrol launched a new Central Processing Facility (CPF) at La Calera, doubling its gas output from 5 to 10 million cubic metres per day (MMm³/d). Additionally, the company aims to quadruple its liquid production to an average of 4,800 m³ per day.
This expansion is part of Pluspetrol’s broader strategy to maximise efficiency and resource utilisation in Vaca Muerta, while reinforcing its capacity to compete in international markets.
The Pluspetrol-Ancap agreement has implications beyond Uruguay’s gas supply. It represents a step towards deeper energy integration in the Southern Cone, as Argentina seeks to establish itself as a reliable and competitive gas exporter.
For Uruguay, securing a stable and predictable natural gas supply is crucial for its energy security. The removal of intermediaries in the contract with Pluspetrol may also result in more competitive purchasing conditions.
At the same time, this contract reinforces Vaca Muerta’s expansion as a key energy hub in the region, attracting new investments and strengthening the infrastructure needed for exports.
The agreement between Pluspetrol and Ancap not only guarantees Uruguay’s natural gas supply until 2028 but also marks a milestone for Argentina’s energy industry. Pluspetrol’s emergence as the top gas exporter in 2025 so far highlights Vaca Muerta’s potential and Argentina’s growing role in the regional energy market.
Combined with recent investments in La Calera, this contract positions Pluspetrol as a strategic player in the Southern Cone’s hydrocarbons trade, with strong growth prospects for the coming years.
