YPF, Vista Energy and Pluspetrol are leading the way.
The Petroleum Contacts Foundation estimated a total of 28,040 hydraulic fracturing stages in Vaca Muerta by 2026, representing a 22% increase over the 24,000 projected for 2025 and a 57.4% increase over the 17,814 recorded in 2024.
These stages measure activity in horizontal wells up to 3,000 meters in lateral length, with clusters spaced between 50 and 100 meters.
The current progress, with over 17,800 stages completed in the first nine months of 2025, aligns with the start of operations for the Vaca Muerta Oil Sur (VMOS) pipeline in late 2026, which will transport 350,000 barrels per day of shale oil . This data is based on contracts signed with 12 of the 15 major operators, demonstrating technical optimization with initial recovery rates (IRs) improved by 15-20% over the past two years, thanks to advancements in proppants and fluids.
According to specialists, the activity does not depend on temporary incentives, but on an operational maturation that positions Vaca Muerta as a key component of the global hydrocarbon chain, with impacts on the reduction of imports and the development of related sectors.
YPF, Vista Energy and Pluspetrol, on the podium
According to the report, YPF leads in projected development with 13,600 stages, equivalent to 48.5% of the total and surpassing the 2022 record (12,000 stages), through vertical integration in blocks such as Loma Campana and Bandurria Sur. Vista Energy follows with 3,100 stages (11.1%) in Bajada del Palo Oeste and La Amarga Chica, and Pluspetrol with 2,500 (8.9%), distributed as 1,700 former ExxonMobil stages in Bajo del Choique-La Invernada and 800 in La Calera.
In the case of Tecpetrol , the report highlights a projection of 2,400 stages (8.6%) in Fortín de Piedra, focused on gas with IPs above 2 MMscf/d; Pampa Energía with 1,600 (5.7%); Shell with 1,500 (5.4%); Pan American Energy with 1,300 (4.6%); Phoenix Global with 840 (3.0%); Chevron with 600 (2.1%); TotalEnergies with 400 (1.4%); and Capex with 200 (0.7%).
According to experts, the VMOS will require this volume to boost exports, stabilize the exchange rate, and mitigate fiscal inflationary pressures, with production increases of 10-15% achieving overall efficiencies (EUR above 500 Mboe per well in consolidated areas). They point out that this will attract foreign investment, provided that logistical bottlenecks are resolved through public-private partnerships.