Wednesday, May 11, 2011

Argentina .- YPF makes its greatest oil discovery in decades, equivalent to one year's production

MADRID, 11 May. YPF, Repsol subsidiary, announced its biggest oil discovery in decades, consisting of a deposit of 150 million barrels of unconventional oil with a volume equivalent to 8% of Argentina's reserves of oil and one year's production company . This unconventional oil, known as 'shale oil', not found in deposits in the form of bags, but disintegrated from sedimentary rocks, so its extraction requires a greater difficulty and cost.

"It is new energy, a new future with a new expectation. Today we can announce that in Loma La Lata, working only on an area of 320 square miles, we discovered more than 150 billion barrels of resources," said the counselor Officer of YPF, Sebastián Eskenazi, was quoted "The Chronicle" and other Argentines.

Eskenazi, whose family controls 25% of YPF, made the announcement at a ceremony in which he was present Planning Minister Julio de Vido, and the governor of Neuquén, Jorge Sapag, whose region has made the finding. Argentina's President Cristina Fernandez de Kirchner, followed by video immediately.

YPF plans to invest in the second half of 2012 some 200 million dollars (140 million euros) in the discovery. The company reported yesterday a 5.7% rise in the benchmark Stock Exchange Argentina, the Merval.

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