Vista Energy, the second-largest unconventional oil operator in Argentina, increased production 14% quarter over quarter.
In fourth-quarter 2023, the company had average daily production of 56,353 boe, driven by the start of production from 11 new wells in Vaca Muerta’s Bajada del Palo Oeste block.
Oil production was 48,469 b/d, a 17% quarter-on-quarter increase.
In its earnings release, the operator said it has solidified its position in Vaca Muerta as a low-cost operator and is entirely focused on the development of unconventional oil. By 2026, Vista aims to produce 100,000 boe/d, and by 2030, it expects to reach 150,000 boe/d.
"Throughout 2023, we achieved significant progress in the development of our areas in Vaca Muerta. The results obtained in our Bajada del Palo Este block allowed us to derisk a significant extension of our acreage, which had a substantial impact on the additions to proven reserves," said Miguel Galuccio, president and chief executive officer.
Proven reserve additions totaled 85.5 MMboe, representing a reserve replacement ratio of 458%.
Vista's proven oil and gas reserves in the Bajada del Palo Oeste block were estimated at 221.8 MMboe.
Proven and estimated (P1) oil and gas reserves as of Dec. 31, 2023, experienced a year-on-year increase of 27%, totaling 318.5 MMboe.