Vista Energy S.A.B. de C.V., the second-largest unconventional oil operator in Argentina, plans to invest $900 million dollars to connect 46 new wells in Vaca Muerta and increase its total production to 70,000 boe/d.
"We are well on track to double our production to 100,000 boe/d by 2026,” said Miguel Galuccio, president and chief executive officer, during an earnings presentation.
The production goal includes development of the Águila Mora area, where the company is considering bringing in a partner.
During the presentation, the company—which holds 100% of its interests in Neuquén province—confirmed it made a firm offer for ExxonMobil’s assets in basin and is awaiting the process conclusion or a call for a new round of negotiations. In August 2023, ExxonMobil Exploration Argentina conducted a review of its assets in the area, but a decision on the outcome of the review had not been made (OGJ Online, Aug. 4, 2023).
Fourth-quarter 2023
In fourth-quarter 2023, Vista focused its drilling and completion campaign on the Bajada del Palo Oeste block, which led to total production of 56,400 boe/d, a 14% increase compared with the previous quarter.
Revenues decreased by 3% compared with fourth-quarter 2022, while adjusted net income was $240 million, a 40% year-on-year increase. Operating cash flow reached $107 million, an 86% increase compared with the same period in 2022.
Full-year 2023
During the year, Vista transferred its conventional assets through an agreement with Petrolera Aconcagua Energía SA, leaving the company to focus solely on Vaca Muerta development (OGJ Online, Nov. 17, 2023).
The company increased its proven oil and gas reserves by 27% to 318.5 MMboe as of Dec. 31, 2023. The company's well inventory increased 28% year-on-year to 1,150 wells.
Total 2023 production was 51,100 boe/d, a 5% increase from the previous year.
