Oil company Vista, whose operations are focused on the Vaca Muerta unconventional formation, announced that its investments will amount to $900 million this year.
This figure represents a 22% increase compared to the investments made last year, totaling $734.3 million.
According to the company, the new investments will be allocated to its operations in Vaca Muerta, with the goal of connecting 46 new wells and reaching a production of 70,000 barrels of oil equivalent per day by 2024.
"We are well on track to double our production to 100,000 barrels of oil equivalent per day by 2026. Our goals for 2024 are the first step in this direction, with a 35% production growth," said Miguel Galuccio, President and CEO of Vista, while presenting the company's 2023 results to investors.
During the fourth quarter of 2023, Vista focused its drilling campaign on the Bajada del Palo Oeste block, within Vaca Muerta, allowing it to achieve a total production of 56,400 barrels of oil equivalent per day, a 14% growth compared to the previous quarter.
Last year, the company's well inventory increased by 28%, reaching 1,150 wells.
The company, whose shares are traded on the New York and Mexico stock exchanges, recorded a net profit of $397 million last year, a 47.3% increase compared to 2022.
Last week, the company reported that its proven and estimated oil and gas reserves as of December 31, 2023, reflected a year-on-year increase of 27%, totaling 318.5 million barrels of oil equivalent.
