Argentina to Spend Billions on Production, Infrastructure
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BUENOS AIRES (Reuters) - Argentina's state oil company, YPF, will significantly boost oil and gas production and infrastructure expansion, investing between $4 billion and $5 billion per year through 2022, Chief Executive Daniel Gonzalez told Reuters on Friday.
It plans to raise production by between 5% and 7% per year, primarily in the Vaca Muerta shale, and invest $3.6 billion on infrastructure in the Vaca Muerta over the next five years, Gonzalez said. He added that the company is looking to accelerate shale drilling to complete 1,700 wells by 2023.
"Crude oil is going to grow, I would say twice as fast as natural gas for us in the next five years," Gonzalez said. "Having said that, crude oil production will be seven times what it is today and shale gas will be four times what it is today in five years. So there will be a significant growth in unconventional (shale) production," he said.
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