Petro Matad halts Heron-1 and Gazelle-1 production amid PetroChina dispute

  • Petro Matad shut its Heron-1 and Gazelle-1 wells after PetroChina halted crude deliveries.
  • Shares of Petro Matad fell 19% following PetroChina’s delivery order.
  • The companies continue disputing their 2026 Oil Sales Agreement.

Petro Matad shares fell 19% after PetroChina ordered a halt to Block XX crude deliveries, prompting the company to shut its Heron-1 and Gazelle-1 wells in Mongolia. PetroChina’s Mongolian unit cited nearly full storage tanks. The move extends a dispute over the 2026 Oil Sales Agreement and came despite an earlier written assurance from PetroChina.

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