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The Argentine state oil company YPF will invest between $ 4 billion and $ 5 billion a year until 2023 to increase oil and gas production, said company chief executive Daniel Gonzalez.
The expected increase in hydrocarbon production is between 5 and 7% per annum, the highest growth in unconventional hydrocarbons being due to the heavy investment of YPF in Vaca Muerta, the gigantic training that can house the 39, one of the largest hydrocarbon reserves in the world. world
"When all shale production starts to run more aggressively, oil and gas production growth will become very important, more oil than gas," Gonzalez said in New York. , where he attended to present the plan to investors.
YPF plans to invest some $ 3,600 million between 2019 and 2023 in the infrastructure works at Vaca Muerta, the amount already invested in training between 2014 and 2018.
González announced that the company plans to double the dividends each year over the next three years, so that they are comparable to those of other companies in the sector.
The shares of the oil company have changed course in the Plaza de Buenos Aires. If anything more than 2.3% fell in early business on Friday, it rose 4.4% to 563.9 pesos ($ 15.3) at 2:25 pm local time.
Argentina depends on the development of Vaca Muerta, which occupies an area similar to that of Belgium in the province of Neuquén, to increase its energy production and reduce its imports at a time when the government of President Mauricio Macri aims to reduce the budget deficit to zero.
YPF produces 45% of the total oil in the country of South America and 39% of the gas. The five-year plan announced Friday includes the seven-fold increase in production of unconventional crude oil and four times that of unconventional gas, González said.
The company, nationalized in 2012 during the expropriation of the Spanish company Repsol, will invest 3,400 million dollars a year in the production of hydrocarbons, of which 69% are intended for non-conventional.
The plan "shows that we are going to grow faster, we are going to do it in a very disciplined way, by significantly reducing our debt, increasing our dividends and, most importantly, generating cash that we can invest in new projects," he said. to Reuters the president of YPF, Miguel Gutiérrez.
The company plans to look for other unconventional areas, such as the Gulf of San Jorge, and progress in offshore exploration.
The total credit will be $ 56,300 million
IMF Executive Board approves loan to Argentina
The board of directors of the International Monetary Fund (IMF) extended the loan granted to Argentina in June to $ 56.3 billion, allowing $ 5,700 million to be immediately available .
The decision brings to $ 20,400 million the funds received by Argentina since June, the IMF said in a statement.
When IMF Managing Director Christine Lagarde and the Argentinean government announced last month their intention to extend the loan, they announced $ 57,100 million. This amounted to the amount of Special Drawing Rights (SDRs), the currency in which the IMF transfers. But fluctuations in the foreign exchange market on Friday at 56.3 billion of the same amount of SDR agreed in September.
The IMF had already announced that as of next month, Jamaican economist Trevor Alleyne would act as a representative in Buenos Aires to ensure respect for the agreement.
The government of President Mauricio Macri addressed the fund early in the year for the first time in two decades, but a few months later he felt the need to renegotiate the conditions. (AP)
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