Vaca Muerta Oil Sur

What Vaca Muerta Oil Sur does

Vaca Muerta Oil Sur S.A. (VMOS) is an Argentine midstream infrastructure joint venture established on December 16, 2024 by seven of the country's largest energy companies — YPF, Pan American Energy, Vista Energy, Pampa Energía, Chevron Argentina, Pluspetrol and Shell Argentina — to build and operate a dedicated crude oil export pipeline from the Vaca Muerta unconventional basin. The system comprises a nearly 600 km pipeline in two sections running from the productive zone of Neuquén to the Atlantic coast of Río Negro, a 250-hectare onshore storage terminal with 600 km³ of capacity at Punta Colorada, and a maritime export terminal enabling vessel loading in approximately 44.5 hours. The offshore portion uses 42-ton HHP anchors and 400-meter/72-ton chains for subsea stability. YPF functions as the lead shareholder, evidenced by the company copyright attribution and the parent-company designation.

The asset is structured for phased ramp-up: Phase 1 targets 190,000 barrels per day by Q3 2026, Phase 2 expands to 390,000 barrels per day by mid-2027, and Phase 3 reaches up to 550,000 barrels per day with potential expansion to ~690,000 barrels per day via additional pumping and storage. Total committed capex is approximately US$3 billion, with US$2 billion of that financed through a syndicated loan signed July 8, 2025 — described as the largest project financing for Argentine energy infrastructure in recent years. Pipeline welding was mechanically completed on November 1, 2025.

VMOS operates as a B2B midstream infrastructure company with a transaction-fee revenue model. The seven founding partners are simultaneously equity holders and the primary contracted shippers under long-term throughput agreements; pricing is bespoke and not publicly disclosed. The company has no external customers identified at the time of input and is currently pre-revenue, with first commercial operations expected in Q3 2026. Management consists of CEO Gustavo Chaab, CFO Esteban Garciandía, and COO Augusto Castagnino. The strategic intent is to monetize Argentina's growing Vaca Muerta production by providing the country's first dedicated, large-scale Atlantic-bound evacuation route, bypassing truck and rail constraints and enabling crude exports to international seaborne markets.

Name

Vaca Muerta Oil Sur

Legal name

Vaca Muerta Oil Sur S.A.

Website

https://vmos.ar

Company type

Private

Operating status

Operating

Headcount range

11–50 employees

Short description

VMOS is an Argentine midstream joint venture owned by seven major energy companies (YPF, Pan American Energy, Vista, Pampa, Chevron Argentina, Pluspetrol, Shell Argentina) that is building a ~600 km crude oil export pipeline from Vaca Muerta in Neuquén to a new Atlantic coast terminal at Punta Colorada, Río Negro.

Ownership category

akta.pro rank

Product category

Midstream Oil Transportation Services

NAICS

Pipeline Transportation of Crude Oil (486110), Pipeline Transportation of Crude Oil (4861), Petroleum Bulk Stations and Terminals (424710), Petroleum Bulk Stations and Terminals (42471)

SIC

Pipe Lines (No Natural Gas) (4610), Wholesale-Petroleum Bulk Stations & Terminals (5171)

akta.pro primary industry

Liquid Bulk Petroleum Terminals (Crude, Refined Products) (TLAHABAH)

akta.pro secondary industries

Marine Terminals & Port Storage (Jetties, Docking, Bunkering Interfaces) (EUALAEAG), Crude Oil & Condensate Terminals (Tank Farms, Marine/Truck/Rail Loading) (EUALAEAA), Crude Oil Tanker Shipping (EUALADAG)

Keywords

• Crude oil transportation
• Midstream pipeline services
• Oil export infrastructure
• Petroleum logistics services
• Oil throughput services

GTM type

B2B

Offering type

Services

Cost components

Infrastructure, Operations, Personnel, Supply Chain, Technology or R&D

Revenue model

1. Oil Transportation/Throughput Services: VMOS generates revenue by providing crude oil transportation services to its partner companies. The pipeline charges throughput fees for moving oil from production areas in Neuquén to export terminals in Río Negro. The capacity-based model allows for transportation of up to 550,000 barrels per day initially, expandable to 700,000 barrels per day.

Go-to-market motion1 record

Distribution channels2 records

Marketing channels4 records

Core offering

VMOS provides crude oil transportation and export infrastructure services via a nearly 600 km pipeline connecting the Vaca Muerta production zone in Neuqu\u00e9n to the Punta Colorada export terminal on the Atlantic coast of R\u00edo Negro. The system includes onshore storage capacity across 250 hectares and a maritime terminal enabling vessel loading for international crude oil shipments, with planned capacity of 190,000 bpd in Phase 1 (Q3 2026), scaling to 550,000-700,000 bpd.

Product overview

Vaca Muerta Oil Sur (VMOS) is a midstream oil export company operating as a unified infrastructure system comprising three main components: a nearly 600 km pipeline connecting the Neuquén production zone to the Atlantic coast of Río Negro, an Onshore Terminal at Punta Colorada for crude oil storage, and a Maritime Export Terminal for vessel loading. The project is structured in three phases with increasing capacity: Phase 1 (190,000 bbl/day by Q3 2026), Phase 2 (390,000 bbl/day by mid-2027), and Phase 3 (550,000 bbl/day expandable to 700,000 bbl/day). Initial investment is US$ 3 billion.

Differentiator

Problem solved

Functional benefit

Products and services

• VMOS Oil Pipeline (Oleoducto)
• Onshore Terminal at Punta Colorada
• Maritime Export Terminal

Quantifiable outcome

• Transportation capacity of 550,000 barrels per day, expandable to 700,000 barrels per day
• +2 more outcomes

Named customers7 records

Segments1 record

Ideal customer profiles1 record

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature4 records

Partnerships

Seven partnerships are on record, tiered core.

• YPFcoreStrategic or Co-development Partner · 16 December 2024YPF is a founding partner and primary stakeholder in VMOS. As Argentina's national oil company and one of the largest energy companies in the country, YPF joined with other major producers to develop this critical midstream infrastructure for exporting crude oil from the Vaca Muerta basin.
• Pan American EnergycoreStrategic or Co-development Partner · 16 December 2024Pan American Energy, a major Argentine energy company, is a founding partner in VMOS contributing to the development of the country's most important oil transportation infrastructure project in decades.
• Vista EnergycoreStrategic or Co-development Partner · 16 December 2024Vista Energy, a focused operator in the Vaca Muerta basin, participates as a founding partner in VMOS to secure transportation capacity for its growing production.
• Pampa EnergíacoreStrategic or Co-development Partner · 16 December 2024Pampa Energía, one of Argentina's largest integrated energy companies, is a founding partner in VMOS to develop critical export infrastructure for the country's oil sector.
• Chevron ArgentinacoreStrategic or Co-development Partner · 16 December 2024Chevron Argentina, the local subsidiary of the global energy major Chevron Corporation, participates as a founding partner in VMOS, bringing international expertise and capital to the project.
• PluspetrolcoreStrategic or Co-development Partner · 16 December 2024Pluspetrol, a major Argentine energy company with extensive upstream operations, is a founding partner in VMOS to support its production growth objectives through secured export capacity.
• Shell ArgentinacoreStrategic or Co-development Partner · 16 December 2024Shell Argentina, the local subsidiary of global energy company Shell plc, participates as a founding partner in VMOS, contributing international experience and long-term commitment to the project.

Scale indicators5 records

Recent moves6 records

Expansion highlights5 records

Regional players

• Ocensa (Oleoducto Central): Colombian crude oil pipeline operator running the country's main export corridor from interior basins to Caribbean coast. Comparable Latin American long-haul crude export pipeline with similar regulatory and political risk profile.

Broad incumbents

• TC Energy: Major North American pipeline operator with oil & liquids pipelines alongside gas systems, providing reference for tariff-based infrastructure economics and JV-style project structures.
• Kinder Morgan: Largest U.S. midstream energy infrastructure operator with crude oil pipelines, storage terminals, and marine export facilities. Most relevant U.S. comparison for VMOS's combined pipeline-and-terminal business model.
• Phillips 66: Integrated energy company with significant midstream operations including crude pipelines, terminals, and marine export assets. Reference for integrated pipeline + export terminal economics and U.S. Gulf Coast export paradigm that parallels VMOS's Atlantic coast design.
• Enterprise Products Partners: Major U.S. midstream MLP with extensive crude oil pipeline networks and Gulf Coast marine export terminals. Comparable scale of asset base and similar long-haul pipeline + terminal integrated structure.
• Energy Transfer: Large-scale U.S. midstream operator with crude oil pipelines and Gulf Coast export infrastructure, including dedicated crude export terminals analogous to VMOS's Punta Colorada maritime facility.
• Williams Companies: U.S. midstream infrastructure operator with major pipeline systems and export-oriented terminals. Useful comparable for large-scale, fee-based midstream cash flow profile.
• Enbridge: North America's largest midstream operator with extensive crude oil pipeline systems and export terminal infrastructure. Comparable in business model (long-haul crude pipelines + terminals) and in use of take-or-pay throughput agreements with producers.

Direct peers

• Plains All American Pipeline: Pure-play crude oil midstream operator focused on long-haul pipelines, gathering systems, and export terminals — closest functional peer to VMOS given the concentrated crude-only focus and tariff-based revenue model.
• Oldelval (Oleoducto del Valle): Argentine crude oil pipeline operator running dedicated Vaca Muerta evacuation pipelines to Atlantic coast ports. Most directly comparable peer — same Argentine regulatory regime, same customer base, same Vaca Muerta sourcing thesis.

Market position

Weaknesses5 records

Competitive moat5 records

Key risks6 records

Key highlights6 records

Customer concentration

• LinkedInlinkedin.com/company/vmos-argentina

Compliance4 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles3 records

Funding overview

Funding rounds1 record

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Vaca Muerta Oil Sur