Argentina's state-controlled YPF is off to a slow start on its $37bn plan to boost output by a third by 2017. Poli- cies imposed by the government are complicating local operations and keeping potential partners at bay. YPF has nearly doubled its local rig fleet in the past six months and is now looking abroad for more equipment, a process that could delay its ambitious upstream programme centred on the Vaca Muerta shale formation. Chief executive Miguel Galuccio acknowledges that negotiations for over- seas rigs and services will be tougher and more expensive, without mentioning the added complication of government import and foreign currency exchange restrictions.
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