Vista Energy SAB de CV has applied to include its Bandurria Norte shale oil development in Argentina’s Large Investment Incentive Regime (RIGI). The $5.8-billion project targets peak production of 50,000 boe/d.

Bandurria Norte is the largest oil project submitted under RIGI, which provides tax, customs, and foreign-exchange incentives for qualifying investments, and follows approval of Pampa Energía SA’s $4.521 billion Rincón de Aranda development, which established the first framework for qualifying incremental shale oil production under the regime.

Together, the projects represent more than $10.3 billion in planned investment and would extend RIGI-backed development into undeveloped Vaca Muerta oil acreage.

Bandurria Norte spans 26,500 acres in Vaca Muerta’s oil window and currently has no producing wells. Vista plans to drill and complete 332 horizontal wells and build dedicated infrastructure, including a 40,000-b/d oil treatment plant, a gas compression plant, gathering systems, pipelines, and associated infrastructure.

The project would be Vista’s first large-scale development outside its core Bajada del Palo hub, where existing roads, processing capacity, and gathering networks support lower-cost drilling. Bandurria Norte requires full greenfield development, increasing upfront capital requirements, and execution risk.

Vista said RIGI incentives are material to developing its undeveloped acreage because incremental production from new areas can qualify separately from existing output if volumes remain physically and operationally traceable.

Export capacity remains critical

Bandurria Norte forms part of Vista’s plan to increase production to 208,000 boe/d in 2028 and 250,000 boe/d in 2030. Development depends on additional crude transportation capacity from the Neuquén basin, particularly the Vaca Muerta Oil Sur (VMOS) pipeline under construction between Allen and Punta Colorada in Río Negro province. Designed for an initial capacity of 550,000 b/d and expandable to 700,000 b/d, VMOS is scheduled for start-up in first-half 2027.

Vista averaged 156,000 boe/d of production in second-quarter 2026, up 16% from the previous quarter and more than 30% from a year earlier.