Mexico-based Oil company Vista Oil & Gas on Jan. 17 said it was buying 50% of German unlisted oil and gas company Wintershall Dea’s stake in two concessions in Argentina’s Vaca Muerta shale oil deposit.
The price of the transaction was agreed at $140 million, including the annulment of a $77 million upfront payment made by Vista in September.
Wintershall, which said it was focusing on its Argentine gas production, separately announced that it was closing all of its Brazil operations.
Vista CEO Miguel Galuccio said the acquisition of the areas called ‘Aguada Federal’ and ‘Bandurria Norte’ would allow the company to expand its leadership in Vaca Muerta and redouble its commitment to the shale region’s development.
Vista recently said that it will invest $2.3 billion from 2022 to 2026 in to double its production and increase its exports from Vaca Muerta.
Vista, Argentina’s second biggest shale oil operator, acquired 25,231 net acres in the deal, increasing its total acreage in Vaca Muerta to 183,084 acres. In addition, it added up to 150 new wells to its portfolio in the formation, bringing its total to 850.
The company plans to reach a production of more than 80,000 boe/d in 2026 and export 60% of all its production, from the 30% it currently exports.
Vaca Muerta is estimated to be the world’s fourth largest shale oil reserve and second-biggest shale gas deposit.
Recommended Reading
Surge Closes on Divestment of Alberta Non-Core Gas Assets
2024-12-20 - Surge Energy said it has focused on developing its core Sparky and southeast Saskatchewan crude oil assets, leaving the Alberta non-core assets undercapitalized.
Diversified Bolts-On Appalachia Gas Production, Midstream Assets
2025-01-06 - Diversified Energy will buy Summit Natural Resources’ assets, including producing wells and coal mine methane wells, in the southern part of the Appalachian Basin.
CNX Expands in Appalachia with Closing of $505MM Apex Deal
2025-01-27 - The bolt-on of Apex Energy II's upstream and midstream assets expands CNX’s stacked Marcellus and Utica undeveloped leaseholds.
Atlas Energy Solutions to Acquire OFS Power Company Moser for $220MM
2025-01-27 - Atlas Energy Solutions said it will purchase Moser Energy Systems in a cash-and-stock deal that adds power services in the company’s core Permian Basin operating area.
CNX’s $505MM Bolt-On Adds Marcellus, Deep Utica in Pennsylvania
2024-12-05 - CNX Resources CEO Nick Deluliis said the deal to buy Apex Energy underscores CNX’s confidence in the stacked pay development opportunities unlocked in the deep Utica.
Comments
Add new comment
This conversation is moderated according to Hart Energy community rules. Please read the rules before joining the discussion. If you’re experiencing any technical problems, please contact our customer care team.