Argentina’s state-run energy company, YPF, has announced it will invest over $30 billion between 2018 and 2022, to become the country’s largest integrated energy firm, according to Kallanish Energy.
“We are taking our company to a new phase, which will allow us to create value for the Argentines,” said CEO Miguel Gutiérrez. “This plan is the result of intense work of all the professionals that form YPF.”
This strategic plan targets annual oil and gas production growth of 5 percent, reaching 700,000 barrels of oil-equivalent per day (BOE/d) in 2022. Conventional hydrocarbon exploration and production will include 29 projects and the drilling of 1,600 wells, focused on cost reduction and efficiency.
By 2022, the company will reach a development cost of $10 per barrel in Loma Campana, the flagship shale oil field it operates with Chevron Corp., down from $13.40 now, according to the plan. YPF executives had previously expected to reach the $10 goal by the end of next year.
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