Argentina's Petroleum plans to double oil production in five years

Argentina's national oil company (YPF) recently reported that it plans to double its crude oil production and increase natural gas production by 30% over the next five years. Among them, in 2023, the company's crude oil production will increase by 8% and natural gas production by 3%, with the focus on the development of the Dead Cow shale resource in Vaca Muerta. ExxonMobil has a 35-year concession for a block in the formation, which can produce 55,000 barrels per day of oil within five years. Chevron and Shell are also involved in the field's development.

YPF also stated that the company is also cooperating with Petronas to build a liquefied natural gas (LNG) project and make Argentina an LNG exporter. The project will be carried out in five phases. The first phase will produce about 5 million tons of LNG per year, with a final investment decision on the project due in 2024.

YPF said it plans to spend $5 billion in capital expenditures this year. Of this, $2.3 billion will be invested in the development of the Vaca Muerta shale, and about $700 million will be earmarked for increasing oil and gas production, including YPF's shale assets and conventional oil and gas development operations. YPF also has its sights set on a big increase in exports, which could see around 150,000 bpd of oil shipped by 2027.