Monday, December 11, 2023

Vista Oil & Gas plans to increase daily production by 25%

Vista Oil and Gas the oil company founded by Miguel Galuccio towards achieve a rapid increase in unconventional oil production in Argentina.

In his second Investor Daypresented his ambitious strategic plan aiming increasing daily production by 25% by 2026.

Galuccio, who leads the company as president and CEO, has championed Vista’s innovative business and operating model, leading the company to become efficient, profitable and with low emissions in the short term.

“The results of the first five years of activity are due to the work of a team and a culture of excellence that led us towards achieving the strategic goals established in 2021”he declared.

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One of the key points of the strategic plan is expanding the presence of Vista Oil & Gas in the Vaca Muerta formation, where it now has more than 200,000 hectares. The goal is to increase investment to increase production to 100,000 barrels of oil equivalent per day (boe/d) in 2026 and 150,000 boe/d in 2030.

For this, Vista plans to put 138 new shale oil wells into production between 2024 and 2026, which represents an increase of 33% compared to the previous plan. With greater operational efficiencies, the strategy will reduce the cost of extraction from USD 5.5 per boe in 2023 to USD 4 per boe in 2026, representing a 33% improvement.

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Likewise, revenues are expected to double and reach USD 2.35 billion by 2026, with an oil price in real terms of USD 65 per barrel. while, Adjusted EBITDA is seen at USD 1.7 billion in 2026, 55% more than announced in 2021.

In addition to your growth goals, Vista Oil & Gas reaffirms its commitment to carbon neutrality by 2026 reducing emissions to 7 kilograms of CO2 equivalent per boe and offsetting the remaining emissions through carbon credits generated by Nature-Based Solutions projects implemented by its subsidiary AIKE.

Nation World News Desk
Nation World News Desk
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