Argentina Oil & Gas Exploration and Production: RIGI positive updates: VIST presents Bandurria Norte, PAM approved for RDA

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Argentina Oil & Gas Exploration and Production: RIGI positive updates: VIST presents Bandurria Norte, PAM approved for RDA

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21 Jul 2026 15:05:29 ET │ 13 pages

Argentina Oil & Gas Exploration and Production

RIGI positive updates: VIST presents Bandurria Norte, PAM approved for

RDA

CITI'S TAKE

PAM confirmed the RIGI approval for Rincon de Aranda, which should

unlock drilling and completion in the block for strong production

momentum; Vista presented its plan for full-greenfield Bandurria Norte Andrés CardonaAC

area, showing meaningful production upside to previous guidance and to +57-601-484-0441

our NPV. Vista's application shows 332 wells, 2.2x or +182 wells versus andres.cardona@citi.com

the original guidance; at a conservative $3m NPV/well, this represents a Matheus Tostes

+~$0.5bn to our NPV. The announcements showcase the powerful +55-21-4009-0406

incentive that is the RIGI for Upstream, which we estimate contributed matheus.tostes@citi.com

7pp to IRR for block development with infrastructure and 15pp for pure

well economics. Applications must be filed until June/2027 and Gabriel Barra

investments commitments must be 20% delivered within 2 years. This +55-11-4009-2223

gabriel.barra@citi.com incentive should bring forward production/capex curves for producers,

which as we have flagged continues to show upside risk—particularly in

the case of YPF and VIST—as several projects remain yet to be presented.

VIST presents first RIGI for Bandurria Norte. The company filed its application, to be

reviewed by the Secretary of Energy, with final approval (if granted) likely by 1Q27;

Pampa's process took four months, for reference. The key surprise is the number of

wells in the plan: at 332 wells and $5.8bn capex, inventory is more than 2x prior

guidance of 150 wells.