YPFB will allocate $us 363.72 million of its investments to hydrocarbon exploration and exploitation in 2024

This Ministry of Hydrocarbons and Energy release was published using machine translation.

UCOM MHE 04-24-2024.- The state-owned YPFB announced that in 2024 it will allocate 67% of its investment resources specifically to hydrocarbon exploration and exploitation activities. According to the data presented in the Initial Accountability of the Ministry of Hydrocarbons, the figure programmed for these activities reaches US$363.72 million.

“This reflects a significant focus on the expansion and development of the hydrocarbon industry in the region, highlighting the strategic importance of this sector for the national economy,” said the Minister of Hydrocarbons and Energy, Franklin Molina, when referring to the scheduled investment. and its importance in the energy field.

Likewise, the 2024 programmed investment budget establishes that the largest amount of resources corresponds to YPFB Headquarters with $us 276.79 million (51%), while affiliates and subsidiaries participate with 261.26 million (48%) . The projection also considers that the operating companies plan to invest 90.90 million (17%).

Since June 2021, YPFB began to execute the Upstream Reactivation Plan (PRU) with the purpose of restoring reserves and increasing hydrocarbon production. Likewise, through this plan, the state company aspires to position itself as a leader in exploration and production in the country, surpassing any international competitor.

The authorities have indicated that since 2015 it was necessary to undertake exploration work, which was not carried out, thus leaving a void in the replacement of natural gas reserves, which were being consumed by the demands of the domestic and export markets. . It is for this reason that the implementation of the PRU began in June 2021.

During 2023, YPFB invested $us 539.74 million (MM) in various activities in the hydrocarbon chain, such as exploration, exploitation, distribution, transportation, plants and industrialization, refining, storage and marketing.