YPF Plans $37 Billion Investment in Argentina’s Vaca Muerta Region

Bloomberg reported that Argentinian energy giant YPF SA (NYSE:YPF) made two shale gas discoveries in the Vaca Muerta region and plans to invest $37 billion in the area over the next five years; $1.4 billion of that amount will go towards a total of 250 wells.

As quoted in the market news:

Presenting a five-year business plan today, [CEO Miguel] Galuccio said the company is looking for the “keys to unlock” potential at Vaca Muerta and other fields through partnerships with local and foreign companies to reverse falling output.

Galuccio is seeking to boost output at the mostly untapped 30,000 square-kilometer (11,600 square-mile) Vaca Muerta region in southern Argentina, which holds at least 23 billion barrels of oil in resources, according to a survey by Ryder Scott.

Click here to read the full Bloomberg report.