Vista Energy has acquired Petronas’ stake in the La Amarga Chica block in Vaca Muerta, becoming one of the country’s largest independent oil producers.

Vista paid US$900 million upfront and will pay another US$300 million in two equal installments in 2029 and 2030. Petronas also received 7,297,507 Vista shares. 

According to the company’s press release sent to the Herald’s sister publication, Ámbito Energy Report, the acquisition will increase its daily hydrocarbon production to 120,000 barrels of oil equivalent (boe/d), which includes crude oil and gas.

YPF remains the undisputed leader in the sector, with production of over 500,000 boe/d, while Pan American Energy, with 215,000 boe/d and a presence in several provinces, is the largest conventional and unconventional private oil and gas company in Argentina.

With this deal, Vista will partner with YPF, owner of the remaining 50% and operator of the block. With this purchase for more than US$1.2 billion, Vista has already invested more than US$6 billion in Argentina since it began operations in 2018.

The Malaysian company will remain present in the country through Vista as one of its shareholders, and says it is committed to continuing to capture the value of Vaca Muerta’s profitable growth.

La Amarga Chica is the second largest shale oil producing field in Vaca Muerta, with approximately 80,000 boe/d by the last quarter of 2024. Operations began in 2014 and cover 46,594 acres in the shale oil window, with 247 producing wells. Estimated proven reserves were 280 million barrels of oil equivalent in late 2023.

Vista estimated that there are 400 wells in the inventory for development. With this transaction, Vista consolidates a total surface area of ​​229,000 acres in Vaca Muerta.

“This is the first acquisition the company has made in which it will not be the operator of the asset, reflecting its confidence in Vaca Muerta as a world-class shale play and in YPF as its operator,” the company said in the statement.

Miguel Galuccio, president and chief executive, stated: “With this acquisition, we gain significant scale in Vaca Muerta , incorporating a premium block with growing production and low operating costs, which allows us to accelerate our long-term plan and strengthen our free cash flow generation profile. The transaction not only increases our profitability, but also enhances our portfolio of drill-ready locations in the central Vaca Muerta area.”

“It is especially relevant that, in the current global macroeconomic and oil price context, we are consolidating a high-margin, low-breakeven asset with strong synergies with our current operations, reflecting our constructive long-term view of crude oil supply and demand dynamics. I am convinced that this is a unique opportunity to generate long-term value for our shareholders,” Galuccio concluded.

Vista is an oil and gas company focused on the Vaca Muerta field in the Neuquén Basin. Founded in 2017, it is currently listed on the Mexican Stock Exchange (ticker: VISTA) and the New York Stock Exchange (ticker: VIST) .

According to Argentina’s Energy Secretariat, Vista was the second-largest oil producer in Vaca Muerta and the third-largest in Argentina in 2024. It is now expected to become the largest independent producer.

“With a globally recognized leadership team, a track record of operational excellence, and a results-focused culture, Vista is a key player in the development of unconventional industries in the country,” they stated.