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Vista Energy SAB de CV, Argentina’s second-largest unconventional oil operator, will invest $900 million to connect 46 new wells in Vaca Muerta, increasing total production to 70,000 barrels per day. The plan is to increase it to .
“We are on track to double our production to 100,000 barrels per day by 2026,” President and CEO Miguel Galluccio said during a financial results briefing.
Production goals include the development of the Aguila Mora region, where the company is considering bringing in partners.
During the presentation, the company, which owns 100% interest in Neuqu, said:picturen states—confirmed that they have made a firm offer for ExxonMobil’s assets in the basin and are awaiting the conclusion of the process or a call for a new round of negotiations. In August 2023, ExxonMobil Exploration Argentina conducted a review of its assets in the region, but a decision on the outcome of the review had not yet been made (OGJ Online, August 4, 2023).
Q4 2023
In the fourth quarter of 2023, Vista focused on the drilling and completion campaign of the Bajada del Palo Oeste field, with total production of 56,400 barrels per day, an increase of 14% compared to the previous quarter.
Revenue was down 3% compared to the fourth quarter of 2022, but adjusted net income was $240 million, up 40% year over year. Operating cash flow reached $107 million, an 86% increase compared to the same period in 2022.
Full year 2023
During the year, Vista transferred its legacy assets through an agreement with Petrolera Aconcagua Energía SA, leaving the company to focus solely on the development of Vaca Muerta (OGJ Online, November 17, 2023).
The company increased its proven oil and gas reserves by 27% to 318.5 MMboe as of December 31, 2023. The company’s oil well inventory increased 28% year-on-year to 1,150 oil wells.
Total production in 2023 was 51,100 barrels per day, an increase of 5% compared to the previous year.
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