SANTIAGO, Nov 29 Reuters Argentina39;s massive Vaca Muerta shale formation produced a record 400,000 barrels per day bpd of oil in the third quarter, consultancy Rystad said on Friday.

The figure is a 35 yearonyear surge in production thanks to improved productivity and evacuation capacity, putting the formation on track to hit its target of 1 million bpd by 2030, the report said.

Argentina39;s stateoil firm YPF led production in the region with 55 of Vaca Muerta39;s oil output in the quarter, contributing to the company39;s strong third quarter results.

Vista Energy39;s Bajada del Palo Oeste field also contributed more than 20 of the oil output growth, data showed.

The number of horizontal wells coming into production also grew throughout the year, averaging 40 per month compared to 34 in the second quarter, with a record 46 in September.

With production on the rise, Argentina is also looking to expand its evacuation capacity, which has been a bottleneck in its oil and gas development. Earlier this month, YPF announced it would seek 2 billion in financing for its Vaca Muerta Sur oil pipeline that could boost capacity out of the region to the export ports.

The report noted that gas production also rose 24 yearonyear to about 2.5 billion cubic feet per day, heavily driven by a rise in production by independent operators such as Pluspetrol, the report said.

It added that Pluspetrol has solidified itself in the region after acquiring ExxonMobil39;s assets in the…