Vista, the second-largest unconventional hydrocarbon operator in Argentina, plans to reach a production of 100,000 barrels of oil equivalent per day (boe/d) by 2025, a goal originally set for 2026, its CEO said.
The company, led by Miguel Galuccio, will invest between $1.1 billion and $1.3 billion in 2025 to achieve this production level by connecting 60 new wells and will announce a new long-term strategic plan next year.
"Based on the new objectives, a new long-term plan is being outlined, which will be presented next year," the company said in a statement.
The Vaca Muerta formation, one of the world's largest shale reserves, has become Argentina’s main hope for consolidating a positive energy trade balance, after years of significant deficits, and for generating the much-needed foreign currency for its economy.
Presenting the company's third-quarter results, Galuccio reported that Vista is on track to reach an average production of 85,000 boe/d in the fourth quarter of this year, a 50% increase compared to the same period last year, thanks to increased activity in Vaca Muerta.
Additionally, Vista has secured a crude oil transportation capacity of 124,000 barrels of oil per day (bbl/d) by the end of 2025.
In the third quarter, the company's oil production increased by 53% year-on-year, reaching 63,499 bbl/d. The oil company exported 3.5 million barrels of crude during the third quarter, a 57% increase compared to the same period last year, while extraction costs fell by 2% to $4.7 per barrel.
During an interview with Reuters in September, Galuccio said that Vista would invest in more wells and infrastructure projects to increase transportation capacity from Vaca Muerta, in the Neuquén province, southwest of Buenos Aires.
