Iguacel wants to create a Silicon Valley tanker in Vaca Muerta

The Minister of Energy, Javier Iguacel, seeks to give Vaca Muerta the imprint of a group of small, highly badociative and dynamic businesses in the style of Silicon Valley.

As expressed during his visit this Friday to the site of Bajada del Palo with the governor of Neuqun, Omar Gutirrez; and the Minister of Energy and Natural Resources of that province, Alejandro Monteiro. All were received by Vista Oil & Gas Argentina's CEO, Gastn Remy, and Juan Garoby, Global Operations Director of Miguel Galuccio's company.

With the visit of the officials, Vista began the first drilling campaign with training objective Vaca Muerta. For this, he received his first Nabor team, which, according to the details, possesses "the latest generation technology for drilling unconventional formations" and to develop in 2018 its first four-well site to produce high-tech equipment. shale oil. This Nabor equipment will be used to complete the drilling of the wells, which should be put into production in the first quarter of 2019.

On the way to the field, Iguacel shared his vision with the company's leaders in that who regards that it is desirable for the business development of Vaca Muerta: many companies rather small and giles, who can have projects execution in record time.

It's about replicating the boom that has been going on in Texas, with many independent businesses being girls involved in projects, and not so much the old system in which only large traditional businesses operate.

Not for this reason, Iguacel stopped visiting YPF, Total and Panamerican Energy during its two-day trip through Vaca Muerta.

For their part, Vista executives presented to the managers the details of the company's business plan, which could reach an investment of more than $ 2,000 million over the next five years.

"We thank Iguacel, who chose Vista for his visit to Vaca Muerta as Minister, which reaffirms the importance for Argentina of developing this training, which is undoubtedly the most important platform for creating jobs and investments in the future of the country, "said Rémy.

He added, "We are celebrating today with the presence and support of the Minister of Energy of the Nation and Provincial Government." The enormous potential of Vaca Muerta can only be achieved by consensus and long-term vision. clear rules and a convergence towards the free market. "

For his part, the minister added:" Today we were at Vista, a start-up that started in record time to drill the first four-well PAD to produce shale oil. "Vaca Muerta's challenges are in terms of productivity, technology." And he stressed: "Vista had a strong investment commitment and fast execution that allowed them to develop projects and generate results quickly in Vaca Muerta, we need more of those companies that bet and do trust all that Argentina has to offer. "

The Vista case is very particular because last year, as a result of a public offering, YPF's former CEO, Miguel Galuccio, managed to secure investments from all over the world and to position itself in the Gulf Basin. In Argentina, it began in April this year after the acquisition of a series of badets in the Neuquén Basin with an investment of $ 800 million.

According to the presentation of the company's first quarterly results, Vista "to contain the decline in production by taking a series of measures that included drilling new wells and repairing existing wells, putting the # 39, focus on excellence and operational efficiency. "