Vista and Nabors to Deploy Third Drilling Rig to Vaca Muerta, Argentina
HAMILTON, Bermuda and MEXICO CITY, May 6, 2024 /PRNewswire/ -- Vista Energy (NYSE: VIST) and Nabors Industries (NYSE: NBR) announced today the official signing of the contract to add a third drilling rig, aiming to accelerate Vista´s development of Vaca Muerta in southern Argentina.
The signing occurred at Nabors' offices in Houston, with the participation of Juan Garoby, Co-founder and COO of Vista, Pablo Vera Pinto, Co-founder and CFO of Vista, Anthony Petrello, Chairman, CEO and President of Nabors, and William Restrepo, CFO of Nabors.
Juan Garoby, COO of Vista said: "The addition of a third drilling rig will provide us flexibility to accelerate our activity plan in Vaca Muerta. We forecast to put into production between four to eight wells by year-end, in addition to the 46 previously announced. We are pleased to carry out this project in collaboration with Nabors, which represents a significant extension of a strategic relationship during Vista´s early days, anchored in our One Team program."
Anthony G. Petrello, Chairman, CEO and President of Nabors said: "By expanding our relationship with Vista and deploying advanced technology, we are enhancing operational excellence while increasing our commitment to a region that we consider to be a world-class resource. We want to thank the Vista team for their leadership and early adoption of technology, which sets a high standard for advancement and performance in Argentina."
Nabors will deploy a high-spec rig with cutting-edge technologies. It is scheduled to commence operations in the second half of 2024. In support of Vista's plan to reduce the carbon footprint of Vaca Muerta operations, there is potential to electrify this equipment.
Earlier this year, using Nabors provided technology, Vista electrified the first drilling rig in Vaca Muerta, Nabors PACE® F24, which is entirely powered by renewable energy.
About Vista
Vista is an independent energy company focused on Vaca Muerta, operating since April 4, 2018, and listed on the Mexican and New York Stock Exchanges. The company develops high-quality, low-cost assets in Argentina. In Vaca Muerta, it operates 110 producing shale oil wells and has an inventory of approximately 1,150 wells.
Vista aims to play a leading role in energy evolution, with the goal of becoming a reliable, low-carbon energy company. To learn about Vista's progress and objectives in its sustainability strategy, you can access the company's Sustainability Report at www.vistaenergy.com.
About Nabors Industries
Nabors is a leading provider of advanced technology for the energy industry. With presence in more than 20 countries, Nabors has established a global network of people, technology and equipment to deploy solutions that deliver safe, efficient and responsible energy production. By leveraging its core competencies, particularly in drilling, engineering, automation, data science and manufacturing, Nabors aims to innovate the future of energy.
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SOURCE Nabors Industries Ltd.
