In order to keep off with energy sufficiency, the increased production of combustibles and to ready increased export, YPF will need to invest an estimated US$32bn between 2013 and 2017.
President and CEO of the company, Miguel Galuccio, announced that US$26mn will be covered by the company while the remaining 30% will be asked to be supplemented by the market.
In his “100 day plan”, Galuccio also suggested a strategy plan for the oil field in Vaca Muerta which he estimates will need US$4.6bn. Along with his plan, Galuccio hopes to direct US$24bn towards drilling and half of the next sales will go towards expansion. He also announced that he signed a memo with Corporación América, presided by Eduardo Eurnekian, that said his group was interested in investing up to US$500m in the shale gas project.
According to La Nacion, the YPF’s president said to be using the state-owned Norwegian energy company, Statoil, as a model for the company’s development. By doing this, he hopes that the nafta will increase within the next year by 5.6% and that gasoil will grow by 9.5% as well provide 10,000 new job positions.
During the next month, the CEO will be presenting with what is called Negotiable Obligations, an outline of the five-year plan, to outside financial prospects and potential partners. It is called the ‘non deal roadshow’ as Galuccio will offer the chance at partnership but without obligation to sign on.
“If I can’t get [the funds], I’ll go back toEngland,” said Galuccio when asked whether he believed he would be able to realize the project.