YPF confirms USD 1.2-bln Chubut investment

BUENOS AIRES, July 4, 2017 – YPF will invest USD 1.2 billion in E&P projects in Argentina’s Chubut province through 2027, the NOC said in a statement issued on Monday.

As part of its investment commitment, YPF will focus on secondary and tertiary recovery to maintain production from its maturing assets. The company also plans to drill six new wells in the 2017-2018 period.

“YPF confirms that the province of Chubut is part of the company’s development strategy and its contribution will be important for the country’s energy development,” the statement said.

The NOC is producing oil and gas from conventional blocks in Chubut, in addition to operating renewables projects.

The company recently started up a USD 800-million coking unit at its La Plata refinery, which is supplied crude feedstock from Chubut’s oilfields. The new plant is expected to increase demand for Chubut’s heavy Escalante crude.

Accounting for 27% of national crude production, Chubut is Argentina’s most productive province.

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