YPF extends production growth streak

Mar 05, 2014 12:00 AM

Argentina's largest oil and gas producer‚Äč YPF achieved a 9% production increase in January, its ninth consecutive month of year-on-year growth.

The NOC's oil production rose to 1.03 Mm3 (6.50 Mb) in January, while natural gas production totaled 948 Mm3, according to energy department data. These figures do not include the assets recently acquired from Apache and Petrobras.

YPF attributed its nine-month production growth streak to investments that reached US$6 bn in 2013.

YPF accounts for more than a third of Argentine oil production and just under a third of gas output, a position that will be reinforced by recently announced acquisitions.

Overall in Argentina, gas production totaled 3.540 Bm3, down 0.38 % compared to January 2013, and oil output reached 2.66 Mm3, a 0.96% year-on-year rise.

Pan American Energy (PAE) increased its crude production 1.76 % to 473,450 m3 in January, while Pluspetrol's output grew 4.14 % to 191,249 m3. PAE and Pluspetrol are the second and third largest crude producers, respectively.

In gas, Apache's output rose to 126 Mm3, a 2.08% increase on January 2013 production levels.

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