YPF states spending targets

摘要

Argentina's newly renationalised oil company YPF will invest $7bn/yr in 2013-17, with a focus on shale, chief executive Miguel Galuccio says. The ambitious five-year plan would boost oil and gas production by 6pc/yr to 590,000 b/d of oil equivalent (boe/d) in 2017. But it is not clear how the company, previously controlled by Spain's Repsol, will pay the bill. "It seems to be more an expression of desire than anything concrete," former Argentinian energy secretary Enrique Devoto says.