Vista Energy, led by Miguel Galuccio, is exploring the option of applying for the Régimen de Incentivo para Grandes Inversiones (RIGI) to boost its exploration and production operations in Vaca Muerta. This initiative comes after the Argentine government extended the RIGI to include new developments in oil and gas production, particularly highlighting the need for significant capital investments in these areas. The company's focus on Vaca Muerta underscores its strategic intent to capitalize on this vital resource with potential for substantial returns.

The RIGI framework is particularly appealing for Vista Energy as it could support their operations in blocks like Bandurria Norte and Águila Mora, as well as the newly acquired Bajo del Toro area from Equinor. The recent government expansion of RIGI encompasses production activities not just on land but also offshore, which signals a broader push for investment and development in the energy sector of Argentina. These measures are expected to streamline investment processes and potentially enhance the profitability of capital-intensive projects.

Bajo del Toro has emerged as a promising asset for Vista Energy, especially as they await the Chilean government's approval for the acquisition from Equinor. The urgency to finalize this deal by the end of May reflects Vista's ambition to enhance their operational footprint in Vaca Muerta while complying with regulatory oversight to avoid anticompetitive practices. This strategic positioning could lead to increased operational capacity and competitiveness in the Argentine energy market.