YPF: Company Plans To Invest US$ 30 Billion Between 2018 And 2022

(RTTNews) - Argentinean state-owned oil company YPF plans to invest US$ 30 billion over the next five years (2018 to 2022), according to a strategic plan released Wednesday. The company intends to contribute directly with US$ 21.5 billion, while the remaining would come from partnerships and YPF's associated companies.

According to the plan, YPF's production of oil and gas should grow at an annual rate of 5%, reaching 700,000 barrels of oil equivalent per day (boed) in 2022.

With the focus on cost improvement and operational excellence, the conventional hydrocarbon will be the basis of the company's production, with the development of more than 29 projects and the drilling of more than 1,600 wells, YPF said in a statement.

Meanwhile, estimated non-conventional production should grow 150% and half of the company's hydrocarbon production by 2022 should come from shale and tight oil and gas.

YPF would also focus on exploration with the aim of expanding reserves by 50%.