Argentina’s YPF to invest more than US$300 million in Santa Cruz province

RIO DE JANEIRO, BRAZIL – Argentine state oil company YPF said on Thursday, March 18th, it will invest more than US$300 million in the Patagonian province of Santa Cruz as part of a US$2.7 billion annual investment program announced last week.

YPF is at the heart of Argentina’s efforts to reduce its annual energy deficit and become a net oil exporter. “We are presenting an investment plan and working to put more resources at the service of production,” company president Pablo Gonzalez said in a statement.

YPF’s investment plan for this year is a 73% increase on last year, when the company was hit hard by falling oil prices sparked by lower demand amid the coronavirus pandemic.

The company carried out a multi-billion-dollar bond restructuring earlier this year.