In an attempt to stop Argentina’s current energy deficit, the president and CEO of YPF, Miguel Galuccio, announced that the company plans to drill 1,000 oil wells on 2013, which expect to boost its activity to levels unseen since 1996.
While introducing the company’s new five-year plan, Galuccio highlighted the importance of “redefining the company’s DNA,” since YPF’s reservoir projections decreased from 11 to 7 years due to a significant operations drop while it was under the the Repsol management.
Speaking at a conference in the Retiro Sheraton Hotel and before President Cristina Fernández de Kirchner, Galuccio indicated that production levels in YPF saw a 6 percent drop before 2011.
This situation created “a lack of balance between supply and demand,” which at the same time force the country to import fuel for approximately $10 billion dollars last year.
Source: Buenos Aires Herald