Buenos Aires. The Vista oil company, the second unconventional hydrocarbon operator in Argentina, reported on Thursday that it will accelerate its activity in the Vaca Muerta formation and that it plans to reach 85 thousand barrels of oil per day (bpd) in the fourth quarter of this year.
This projection is above the current average of 62,000 bpd and the 56,400 bpd reached in the last quarter of 2023.
The increase in production will occur thanks to the incorporation of a third drilling rig, which will begin operating in its areas in the second half of the year, the company said.
“This equipment will give us flexibility to significantly accelerate our drilling activity in our blocks, which will allow us to improve our production projections for the fourth quarter of 2024, estimated at more than 85 thousand barrels of oil equivalent per day,” said the founder and executive president of Vista, Miguel Galuccio, during the presentation of results to investors.
Vaca Muerta, which houses the second unconventional gas reserve in the world and the fourth largest oil reserve, is Argentina’s hope to reverse a significant deficit in the energy trade balance and become a net energy exporter, which will increase the income of currencies and strengthen central bank reserves.
The company said in February that it plans to reach one hundred thousand bpd of production by 2026 and 150 thousand barrels by 2030.
Vista reported net adjusted earnings of $47.4 million in the first quarter of the year, compared to earnings of $72 million in the same period of 2023.
The oil company said it reduced its operating costs 33 percent. In addition, its total production increased by 5 percent and oil production by 7 percent compared to the same period in 2023.
#Petrolera #Vista #plans #increase #production #Vaca #Muerta #Argentina
– 2024-04-28 04:53:50
