LATAM Weekly Oil Summary: Vista Boosts Vaca Muerta Output

Mexican firm Vista Energy said Feb. 16 that its proven reserves at the Vaca Muerta shale formation in Argentina increased by 27% in 2023 while daily production grew by 14% in Q4, according to Reuters.

• Vista is Argentina’s second largest shale producer behind YPF and recorded proven reserves of 318.5m boe as of Dec. 31.
• Pemex’s PMI trading arm kept the price of Maya crude sold to the USGC unchanged for March at a $10.20/b discount to its USGC pricing formula. The pricing formula for USGC, Atlantic Coast and Caribbean is 65% WTI, 35% ICE Brent + K factor, Bloomberg said.
• While crude production from Mexico’s Pemex fell in 2023, it still boosted crude exports with the debut of its mixed Zapoteco grade and the relaunch of Olmeca crude, Argus said.
• An explosion at Pemex’ 215kbpd Miguel Hidalgo refinery, or Tula, on Monday afternoon local time injured eight workers according to Radio Formula.
• Colombia’s Oil and Gas Association (ACP) expects the country’s oil output to hit 0.8m b/d in 2024. The South American nation produced an average of 0.777m b/d in 2023, according to Bloomberg.
• US officials said they are "deeply concerned" by reports that human rights activist Rocio San Miguel and members of her family have been arrested in Venezuela – a move which further complicates energy sanctions relief.
• White House national security communications adviser, John Kirby, said that the US sees no signs that Venezuela is preparing to undertake military operations against Guyana, after an increase of military activity on the border of the disputed, oil rich, Essequibo region.