Vista Energy plans to invest more than $4.5 billion in Vaca Muerta operations in Argentina between 2026 and 2028 with a goal to increase production by 60% to 180,000 boe/d by 2028 and up to 200,000 boe/d by 2030.
In third-quarter 2025, Vista averaged 126,000 boe/d, including 110,000 b/d of oil. The 74% year-on-year increase was driven by growth in the operated blocks Bajada del Palo Oeste, Bajada del Palo Este, and Aguada Federal, together with a 50% stake in La Amarga Chica.
Combined, these assets total 1,473 wells in inventory, with 335 currently producing, across 228,000 net acres under concession through 2054.
The investment plan is supported by existing infrastructure: 144,000 b/d of evacuation capacity secured through contracts on Oldelval Duplicar, Vaca Muerta Norte, and Vaca Muerta Sur pipelines, and 178,000 b/d of crude treatment capacity, including 75,000 b/d at La Amarga Chica.
In the third quarter, Vista spent $350.8 million. Of that, $216 million was spent on drilling and completions of nine wells drilled and sixteen completed in Vaca Muerta (typical lateral of 2,800 m, 47 stages); $105.4 million in La Amarga Chica (non-operated); $13.6 million in surface infrastructure; and $15.8 million in geoscience and IT studies.
Vista expects annual free cash flow between 2026 and 2028 of $1.5 billion, assuming Brent oil prices of $65-70/bbl—enough to self-finance its capital program. Export revenues of $8 billion are expected over the next 3 years.
During a presentation in Neuquén, Vista’s chief executive officer, Miguel Galuccio, said the company’s next phase is built on a more stable macroeconomic environment and renewed access to international capital markets.
“Stabilizing the economy and gaining access to capital markets is the best thing the country could have done for Vaca Muerta,” he said.
There is still room to improve regulatory and fiscal components that slow the pace of development in the country, he said.
Part of becoming more competitive, he said, is a discussion of regulations, taxes, fees, and tariffs.
“This has to be a win-win. The state must collect more revenue, and companies must have the conditions to invest more and produce more,” he said.
