Horacio Marín, CEO and president of YPF, announced during the presentation of the 2023 annual results how the new strategic plan of the oil company will be for the next four years and confirmed that the company will invest US$ 3 billion in Vaca Muerta this year.
The new strategy baptized “Plan 4×4” seeks to transform YPF into a “world class shale” company and aspires to break records in oil and gas production in Argentina to become a major hydrocarbon exporter by 2030, according to the state-controlled oil company.
The plan
The strategy is centered on four pillars.
The first seeks to accelerate oil production in Vaca Muerta.
The second axis has to do with financial discipline in investment management. The company stated that priority will be given to the most profitable investments, seeking to maximize the value for its shareholders.
Another aspect of the plan is the need to maximize operating efficiencies in the businesses. In the Upstream, YPF aims to continue improving operating efficiencies in drilling and fracturing wells by 10% to 15% in the next 2 years through automation, standardization of processes and the incorporation of new technologies. Meanwhile, in the downstream business, the company aims to increase by 10% the processing levels of its refineries and reduce operating costs that will allow it to improve business margins up to 3 dollars per barrel in 2027, according to the company.
Liquefied Natural Gas Project
The last pillar of the 4×4 Plan is based on the construction of the first liquefaction plant that will allow exporting Liquefied Natural Gas (LNG).
SOURCE: econojournal.com.ar