Argentina’s oil company YPF has announced plans to invest more than $30bn over the next five years to boost its oil and gas production capacity as well as power generation capacity.
Of the total planned investment amount, $21.5bn 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 CFO Daniel Gonzalez was quoted by Reuters as saying: “You might see hopefully soon a new partner coming into our YPF power subsidiary – we are not in a position to disclose who.”
YPF plans to achieve 150% growth in non-conventional oil and gas production over the outlined period.
Additionally, the firm plans to invest $2bn 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.
YPF was quoted by Kallanish Energy as saying: “Another goal is to lead the energy transformation in the country. For that we will add new sources of energy to its energy mix.
“We will become one of the leaders in the production of electricity with investments projected at more than $2bn.”
Image: Ypf intends to boost its oil and gas production by 5% to reach 700,000 barrels of BOE/d by the end of 2022. Photo: courtesy of YPF.