Snapshot: Vista Energy’s massive Argentina oil export request

Hydrocarbons firm Vista Energy, laser-focused on Argentina’s Vaca Muerta formation, filed what could be the biggest ever oil export-authorization request in the country.

Vista sought the green light to dispatch 210,000m3 (around 44,000b/d) of Medanito crude in October, according to federal energy department data. A second was for 8,000m3 in September.

In comparison, the smallest request published was for 200m3 and corresponding to upstream minnow Hattrick Energy.

The second-biggest was for 167,000m3 of Escalante crude, filed by Pan American Energy.

The requests are among 40 published in August for a total of 1.45Mm3 (million cubic meters), almost double the 853,900m3 in requests published in June. 

In 2020, a request from YPF-Chevron firm CHNC for 200,000m3 of Medanito was published. 

Last month Argentina exported 223,000b/d (35,454m3/d) of crude, around a third of total oil production of 690,400b/d, according to data from local consultancy Economía & Energía.

With domestic demand for Medanito crude met and midstream expansion projects (Vaca Muerta Sur and Duplicar) underway, Vaca Muerta drillers are pressing the shale oil export accelerator.

According to Economía & Energía operator data, Vista is Argentina’s second-largest shale oil producer by output, accounting for 62,600b/d in July, up 67.9% year-on-year. Total shale output that month was 386,300b/d, up 32.9% year-on-year, with state-controlled oil company YPF accounting for 206,100b/d.

Overall, Vista is Argentina’s third largest oil producer after YPF and Pan American Energy.

A 2024 Vista hydrocarbons production exit rate of 85,000boe/d is forecast, resulting in average production for the year of 68,000-70,000boe/d.

Vista has previously said it was aiming to achieve a production rate of 100,000boe/d in 2026. The company expects to increase its 2025 guidance this year, investors were told in July.

Last half lawmakers approved President Javier Milei’s economic reform bill, which eases state control over hydrocarbons exports. Secondary legislation, the fine print governing its implementation, is pending.

As things stand, drillers, refiners and traders need the green light from the federal energy department – via a process designed to ensure domestic demand is first met – to dispatch crude and derivatives via the Atlantic. 

Under the new law, producers will be free to export, and the executive branch will not intervene in pricing. However, the text states that export freedom is subject to the federal energy department not objecting within a specified timeframe.

Argentina also exports oil to Chile, via the Otasa duct, under a different regulatory regime.

EXPORT AUTHORIZATION REQUESTS PUBLISHED IN AUGUST

GYP: One request for 4,000m3
Petróleos Sudamericanos: One request for 14,500m3
PCR: Four requests for a total of 33,000m3
YPF: One request for 7,000m3
Equinor: One request for 30,000m3
Pan American Energy: Four requests for a total of 211,200m3
Pan American Sur (Pan American Energy's offshore unit): Three requests for a total of 64,000m3
CGC: Four requests for a total of 260,000m3
Pluspetrol: One request for 50,000m3
El Trébol: One request for 35,000m3
Shell: One request for 50,000m3
Tecpetrol: Three requests for a total of 106,000m3
Wintershall Dea: One request for 14,000m
President Petroleum: One request for 2,000m3
Capex: Two requests for a total of 60,000m3
Chevron: One request for 23,000m3
CHNC: One request for 120,000m3
Hattrick Energy: One request for 200m3
Vista Energy: Two requests for a total of 218,000m3
Trafigura: One request for 15,000m3
Refinería del Norte: One request for 5,000m3
Enap Sipetrol: One request for 16,000m3
Pampa Energía: One request for 15,000m3
Total Austral: One request for 14,000m3
Petronas: One request for 80,000m3