Argentina's YPF Says It's Found 150 Million Barrels Of Oil
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BUENOS AIRES (Dow Jones)--Argentina's largest oil and gas company, YPF SA (YPF), announced a major shale oil find Tuesday, totalling 150 million barrels of crude oil equivalent in potential reserves.
The strike will increase the company's reserves by 35%, YPF Chief Executive Sebastian Eskenazi said in a televised news conference.
The find in the Loma La Lata field, in the southern province of Neuquen, will increase Argentina's oil reserves by 8%, Planning Minister Julio De Vido said at the same conference.
YPF will continue to explore in the area, drilling 17 additional wells and fracturing 14 existing wells this year, the company said in a press release. The company has slated $270 million for exploration in the area, and has already spent $100 million. YPF is planning on spending an additional $200 for continued exploration next year.
YPF has already put five wells into production at the area, the company said.
Investors were heartened by the news, with YPF's shares surging 5.6%, to ARS199 ($48.54) near the end of trade Tuesday.
-By Shane Romig, Dow Jones Newswires; 54-11-4103-6738; shane.romig@dowjones.com |
