BUENOS AIRES, April 25 (Reuters) - Mexican firm Vista Energy said on Thursday that it would ramp up its output at the Vaca Muerta shale formation in Argentina to reach total production of 85,000 barrels of oil equivalent (boe/d) by the end of this year.
Vista, Argentina's second-largest shale oil producer behind state-owned YPF, said the increase will come off the back of the addition of a third drilling rig at the site, which will come online in the second half of the year.
The firm currently averages an output of 62,000 boe/d, up from 56,400 boe/d at the end of last year. In February, Vista said it was aiming to put out 100,000 boe/d by 2026 and 150,000 boe/d by 2030.
Argentina is betting on Vaca Muerta - the world's second-largest shale gas reserve and fourth-largest shale oil reserve - to turn the South American country into an energy powerhouse and curb dependence on costly imports.
Vista is a leader among independent producers in the giant Vaca Muerta formation, a bright spot for Argentina's economy as the administration of President Javier Milei, who took office in December, tries to stamp out triple-digit inflation and address rising poverty levels. (Reporting by Eliana Raszewski; Writing by Kylie Madry, Editing by Franklin Paul)
