Domestic Shale Plays Brighten Outlook for Argentina's YPF

摘要

Argentinean integrated oil firm YPF, although still majority owned by Spain's Repsol YPF, is increasingly autonomous and is betting the house on shale - both oil and gas - which appears to exist in vast quantities in Argentina's already productive Neuquen basin.For a long time YPF suffered from under investment as Repsol responded to domestic price controls and heavy export levies by scaling back spending, leading to declines in reserves and production. Nonetheless, YPF remains the largest oil company in Argentina, accounting for 39% of the country's oil production last year, 34% of its natural gas output and 53% of its refining capacity.