Vista Oil & Gas agrees to Argentina deal
BUENOS AIRES, February 20, 2018 – Mexico-based Vista Oil & Gas has agreed a USD 800-million acquisition deal for various assets from Argentina’s Pampa Energía and Pluspetrol, the company announced in a press statement on Monday.
When both purchases have been finalised upon obtaining shareholder approval, Vista will acquire 100% of Apco Oil & Gas International and stakes in E&P player Petrolera Entre Lomas. Through these companies, Vista will hold both operating and non-operating interests in several blocks in three of Argentina’s most prolific hydrocarbons basins: Neuquén, Northwest and San Jorge Gulf.
Altogether, Vista will gain 55.7 million boe in 1P reserves and a production platform of around 27,472 boepd, making it the fifth-largest oil producer in Argentina. More than 550 square kilometres of acquired acreage is located in the unconventional Vaca Muerta play.
“With this transaction, we found the right balance of current profitable production and reserves, coupled with high-growth potential in Vaca Muerta, the most exciting emerging shale play globally – perfectly aligned with our vision,” Vista’s chairman and CEO, Miguel Galuccio, said in the press statement. “The platform and timing could not be better suited to start delivering on our plan of becoming the leading Latin American independent oil and gas company.”