After Equinor’s exit
Since entering Argentina’s Vaca Muerta shale play, Vista Energy has evolved into the country’s largest unconventional oil producer and one of its leading exporters, shipping crude both to international markets via the Atlantic and to Chile. These days the company is awaiting a decision that would allow it to increase shipments of shale oil to the ENAP Bío Bío Refinery.
Following the exit of Equinor and the acquisition by Vista — the company founded by Miguel Galuccio — of those assets, one question remains: what will happen with the Norwegian company’s capacity share in the Oleoducto Trasandino (OTASA) pipeline. There is already a precedent involving Petronas, whose transport capacity share was transferred to Vista.
In a filing with Argentina’s Comisión Nacional de Valores (CNV), the operator of the Bajada del Palo block said the transaction “is subject to approval by Chilean competition authorities, required in connection with the export of crude oil to Chile committed to" by Vista and Equinor. The documentation was submitted on Feb. 11 to Chile’s antitrust regulator, the Fiscalía Nacional Económica.
After Equinor’s definitive exit, two additional fields operated by YPF will incorporate Vista as a partner. The most significant is Bandurria Sur, which produces an average of about 85,000 barrels of oil equivalent per day. Shell also participates in the project but opted not to purchase the stake and cleared the way for Galuccio’s company.
The other asset is Bajo del Toro Norte, a nonconventional concession granted by the government of Neuquén in 2021. It adds to Bajo del Toro, an exploration permit for unconventional hydrocarbons.
Earlier, Vista had already seized another opportunity to expand in Vaca Muerta: Petronas’ exit from La Amarga Chica. For YPF, a “trident” has emerged in shale oil — a core area comprising the country’s three most important oil fields: Loma Campana (operated with Chevron), La Amarga Chica (with Vista), and Bandurria Sur (with Shell and Vista).
According to Vista’s operating and financial results report, its oil exports — combining shipments through Oleoductos del Valle (Oldelval) and OTASA — reached 22.2 million barrels in 2025. That represents a 109% year-over-year increase and accounts for 61% of the company’s total sales volume. The performance generated roughly $1.4 billion in revenue.