Reporting by Eliana Raszewski, Reuters

BUENOS AIRES
EnergiesNet.com 10 28 2024 v

 Vista Energy expects to pump 100,000 barrels of oil equivalent per day next year, a goal originally planned for 2026, its chief executive said on Thursday, as the company bets on more output from one of the world’s top shale formations.

The company, Argentina’s second-largest shale producer behind state-owned YPF, will invest between $1.1 and $1.3 billion next year to reach the upwardly-revised target by bringing 60 new wells online, it said in a statement after a quarterly earnings call.

Vista Energy (VISTAA.MX) produces all of its oil and gas from Argentina’s giant Vaca Muerta formation, one of the world’s largest shale reserves.

The prolific shale basin represents a bright spot for Argentina’s crisis-racked economy, as well as its main hope for reversing a long-running energy trade deficit.

In a call presenting the company’s third-quarter results, CEO Miguel Galuccio said Vista is on track to achieve average production of 85,000 boe/d in this year’s final quarter, 50% more than in the same period last year, thanks to Vaca Muerta’s growing output.

The company is developing a new long-term strategic plan based on its new production timeline, which it will present next year.

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Reporting by Eliana Raszewski; Writing by Brendan O’Boyle; Editing by David Alire Garcia

reuters.com 10 25 2024