Argentina to Become Self-Sufficient in Energy Production
From SME Times
YPF, the oil company controlled by the Argentine state following the expropriation of a 51 percent stake in the corporation from Spain’s Repsol, has set the goal of achieving energy independence, an objective that could be met in “five or six years”, CEO Miguel Galuccio said.
“It is possible to think about regaining self-sufficiency in five or six years,” Galuccio told Radio Nacional.
“It is a matter of having good planning, an investment plan, and putting all our energy into substituting (imports) with local energy, which is going to be much cheaper,” Galuccio said.
YPF plans “aggressive investment” of about $5 billion for “petroleum and gas exploration and production”, Galuccio said.
“We have to turn our resources into reserves that are exploitable. In 2013, 113 wells will be explored to create the economies of scale needed to develop the resources in a profitable manner,” the YPF chief said.
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