The American billionaire Peter Thiel has entered the capital of Vista Energy, one of the main oil companies operating in the Argentine field of Vaca Muerta. His investment fund, Thiel Macro LLC, has acquired around 1.2 million American Depositary Shares (ADS) of the company for an approximate value of 76 million dollars, according to documentation submitted to the U.S. Securities and Exchange Commission (SEC) and collected by Reuters. The participation is approximately equivalent to 1% of Vista's capital.
The investment expands Thiel's presence in the energy sector and comes just four months after the businessman, known for being co-founder and chairman of Palantir, met in Buenos Aires with Argentine President Javier Milei. After that meeting, Milei explained to local media that they had addressed issues related to economic policy and taxation.
A 76 million investment in Vista
The acquisition has been made through Thiel Macro, the fund of the tech entrepreneur, whose latest document submitted to the U.S. regulator shows a portfolio valued at around 418.7 million dollars.
Vista is not his only energy bet. The fund also maintains positions in companies such as Vistra, American Electric Power, DTE Energy, FirstEnergy, CMS Energy, and X-Energy, in addition to a stake in Amazon. The purchase of shares in Vista, however, represents a direct entry into one of Argentina's strategic energy projects.
Reuters also notes that Thiel has recently strengthened his ties with the country. Argentine media have reported that the investor has bought a home in an exclusive area of Buenos Aires, although the financial operation known now occurs independently of those personal movements.
Vista, one of the major oil companies in Vaca Muerta
Vista has become one of the prominent players in Vaca Muerta, the enormous formation of unconventional hydrocarbons located mainly in the province of Neuquén, in Argentine Patagonia.
The company currently produces around 160,000 barrels of oil equivalent per day and has invested more than 6.5 billion dollars in Argentina. In May, it also raised its production and investment forecasts in the field.
Vaca Muerta concentrates some of the most important unconventional energy resources on the planet. The Argentine government positions it as the second largest global reserve of unconventional gas resources and the fourth of oil, and notes that more than thirty companies maintain positions in the project.
Vaca Muerta, a key piece for the Argentine economy
The development of this enormous deposit is one of the pillars of the Argentine strategy to increase oil and gas production, raise energy exports, and attract foreign investment.
The formation occupies an area comparable approximately to Belgium and its exploitation has transformed the Argentine energy map in recent years. Vista, along with other national and international companies, has progressively increased its activity in the area in light of the expectations for production growth.
The entry of Thiel now represents a bet of about 76 million dollars for that growth and adds to the energy investments that are already part of his portfolio.
From Silicon Valley to Argentine energy
Peter Thiel built much of his fortune in the technology sector. He was one of the founders of PayPal and later co-founded Palantir, in addition to becoming one of the first major external investors in Facebook.
His portfolio has been diversifying into other sectors, including energy. The acquisition of 1% of Vista reflects that movement and places the businessman directly in one of the strategic assets of the Argentine economy.
The investment also occurs at a time when the Milei government seeks to attract international capital to exploit the country's energy resources. Thiel, who had already made contact with the Argentine president, thus moves from showing interest in Argentina's economic policies to maintaining a relevant stake in a company directly linked to the growth of Vaca Muerta.