Argentina’s oil company YPF announced on October 26, 2017, plans to invest more than $30 bln over the next 5 years to boost its oil and gas production capacity as well as power generation capacity.
Of the total planned investment amount, $21.5 bln will be funded directly by the Argentine state-run producer while the remaining will come from project partners.
As part of the plan, the firm seeks to increase its oil and gas production by 5% to reach 700,000 barrels of oil-equivalent per day (BOE/d) by the end of 2022.
Additionally, YPF plans to invest in 29 conventional hydrocarbon exploration and production projects as well as drilling of 1,600 new oil and natural gas wells wells.
YPF plans to achieve 150% growth in non-conventional oil and gas production over the outlined period.
Additionally, the firm plans to invest $2 bln renewables and thermal power plants to more than double its power generation capacity, from current 1,300MW.
The company also plans to add more than 200 service stations in order to strengthen its position in the commercialization of fuels.