Mexico’s Vista Oil & Gas has clinched a deal to buy assets in Argentina for $700million.
Vista, the first Mexican E&P company listed in the Mexican Stock Exchange, bought acreage in the Neuquina basin from Pampa Energia and Pluspetrol.
The deal makes Vista the fifth largest oil producer and operator in Argentina.
The assets contain 56million barrels of oil and produce 27,472 barrels per day.
Vista chief executive Miguel Galuccio said: “With this transaction, we found the right balance of current profitable production and reserves coupled with high-growth potential in Vaca Muerta, the most exciting emerging shale play globally – perfectly aligned with our vision.
“The platform and timing could not be better suited to start delivering on our plan of becoming the leading Latin American independent oil and gas company.”