Vista Energy accelerates oil production in Argentina

Vista Energy's chief executive announced on Thursday that the company expects to reach a 100,000 barrels per day oil equivalent goal next year. This was originally set for 2026. The company is betting on a higher output from the top shale formations in the world.

In a press release following a quarterly earnings conference, the company said it would invest between $1.1 billion and $1.3billion next year in order to achieve its revised target of bringing 60 wells online.

Vista Energy (VISTAA.MX), one of the largest shale oil reserves in the world, produces all its oil and natural gas from Argentina's Vaca Muerta Formation.

The prolific shale formation is a bright spot in Argentina's economy that has been ravaged by crisis. It also represents its best hope to reverse a longstanding energy trade deficit.

Vista's CEO Miguel Galuccio stated that the company is on track to reach an average production of 85,000 Boe/d during the final quarter this year. This will be 50% higher than the previous year's same period, thanks to Vaca Muerta increasing output.

The company will be presenting a long-term strategy plan, based on the new production schedule, next year. (Reporting and writing by Eliana Razewski, Editing by David Alire Garcia).

(source: Reuters)