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ECONOMY | 21-02-2024 15:58

Argentina shale driller Vista eyes Exxon assets in growth push

Shale oil producer Vista Energy eyeing assets put up for sale by Exxon Mobil Corp as it looks to accelerate growth in Vaca Muerta formation.

Vista Energy, a top-three shale-oil producer in Argentina, is eyeing assets put up for sale by Exxon Mobil Corp as it looks to accelerate growth in the country’s heralded Vaca Muerta formation.

“Exxon has interesting assets and, yes, we are looking at that,” Vista Chief Executive Officer Miguel Galuccio said during a conference call on Wednesday.

An acquisition of that kind may require Vista to issue debt, said Galuccio, who directed the first exploration efforts in the Vaca Muerta as head of state-run driller YPF SA. 

Vista’s ambitions will be helped by the government of President Javier Milei, a libertarian who took office in December promising to unleash the free market in Argentina’s tightly-controlled economy, and especially in the oil industry.

“We have a very positive view of the proposed changes,” Galuccio said, highlighting how reforms would prohibit the government from meddling with oil prices to keep domestic pump prices low.

by Jonathan Gilbert, Bloomberg

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