Vista Energy, the second-largest unconventional oil operator in Argentina, plans to accelerate Vaca Muerta activity with the addition of a third drilling rig, which will begin operating in this year’s second half.
The rig addition provides flexibility to accelerate drilling and improve production projections for fourth-quarter 2024, estimated at over 85,000 boe/d, said Miguel Galuccio, Vista president and chief executive officer, during the company’s first-quarter 2024 results presentation.
The company reduced its operating costs by 33%, consolidating its operational model based on efficiency in Vaca Muerta, and increased year-on-year total production by 5% and oil production by 7%.
In first-quarter 2024, Vista connected 11 new wells and connected a three-well pad in the Bajada del Palo Este block.
The company currently produces 62,000 boe/d. Double-digit growth is projected for the year’s second quarter.