YPF unveils new 5-year plan

Argentinian NOC YPF unveiled its strategic business plan for the 2018-2022 period on Wednesday. The plan indicated that the company would invest more than USD 30 million in energy projects over the five-year period.

“The objective of this plan is to transform the operations and culture of the company to achieve sustainable growth that allows the inhabitants of Argentina to access more energy and better services,” YPF said in a statement.

The company’s overall upstream goal is to raise annual production by 5%, with a 700,000-boepd target for 2022. According to the statement, unconventional production will rise 150% and make up half of YPF’s total output by the programme’s end date.

The NOC will also concentrate on 29 conventional projects which will involve drilling around 1,600 wells. All told, YPF aims to augment its hydrocarbons reserves by 50%.

In the power sector, YPF will invest more than USD 2 billion to double its installed power generation capacity, currently 1.3 GW, through the development of both thermal and renewable energy power projects.

The NOC will expand its presence in the downstream sector, with plans to open more than 200 fuel retail stations. As for refining, the company will employ a strategy to reach a 70% target for low-sulphur fuel production and sales.