Total Is Said to Receive Offers for Argentina Shale Oil Assets

France’s TotalEnergies SE is in talks with at least two suitors who have submitted bids for its shale oil assets in Argentina, according to people familiar with the matter.

Progress with the divestment comes after Chief Executive Officer Patrick Pouyanne said earlier this year that he’d be willing to offload stakes in the fields at the right price.

Total declined to comment.

Pump jacks in Neuquen province, Argentina, home of the Vaca Muerta shale formation.

Photographer: Anita Pouchard Serra/Bloomberg

Crude production in the Vaca Muerta shale formation is growing, topping 442,000 barrels a day in April, 22% more than a year earlier. But much of that is being pumped by homegrown companies.

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