Argentine state oil company YPF said on March 18 it will invest more than $300 million in the Patagonian province of Santa Cruz as part of a $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 multibillion-dollar bond restructuring earlier this year.
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