YPF reached a new drilling record

2023-05-18 10:47:55

the oil company YPF announced in a recent press release that it published the results for the closing of the first quarter of 2023. According to the report, the oil company re-registered a growth in production in addition to improve your profitability levels continuing with its ambitious investment plan.

In turn, during the first three months of the year, increased the rate of drilling at Vaca Muerta, which allowed it to expand its inventory of drilled wells. It should be noted that these are perforations not yet completed, they are wells known in the industry as DUC (Drilled Uncompleted). Thus, in said period, the state-controlled oil company completed 38 new horizontal wells in its operated blocks.

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drilling record

The company also drilled a total of 48 new wells, of which 34 are located in oil-producing blocks while another 14 are drilling for shale gas. In this sense, the CEO of YPF, Alexander Lewhighlighted that the results achieved in the first quarter of the year “represent a new quarterly record in terms of drilling activity.”

He also added: “We also continue with the strategy of develop dead cow beyond our core blocks. In that sense, during the first quarter, we linked four oil wells in our wholly-owned Loma Amarilla block, and we have just finished drilling a well in the Las Tacanas block, which is targeted for natural gas production.”

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New growth in production

As a result of the new connected wells, the company saw positive results also reflected in shale oil production levels, with an increase of 9% while shale gas production expanded by 4%, for which it reached an average of more than of 92,000 barrels of oil per day and regarding 17 million cubic meters per day of gas.

It should also be noted that unconventional activity continues to be the company’s main axis of development. When comparing these results with the same period in 2022, it is noted that the production of unconventional oil from the national oil company grew by 31%. This due to the operational improvements developed by the company in dead cowwith “high standards of efficiency in drilling and fracturing times of the wells”.

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On the other hand, regarding the investment plan in the facilities required to accelerate the development of shale oil production, YPF began operating a third crude oil treatment plant in Vaca Muerta. The new plant was in operation in January of this year and has, in its initial stage, a processing capacity of 4,000 cubic meters per day. The company estimates reaching its production expansion goal to reach 12,000 cubic meters per day during 2023.

“The total shale production hit a new record and during the first quarter of the year it represented more than 44% of the company’s total production,” the company said in its statement.

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With an ambitious investment plan

Specifically, during the first quarter of 2023 the company’s results showed “a net profit of 58,600 million pesos, more than doubling the profit of the first quarter of 2022”, according to the report published by YPF.

In addition, the company informed that it will continue with its investment plan, which amounts to 5 billion dollars by 2023. It should be noted that during the first quarter of this year, the oil company has invested USD 1.3 billion, which represents almost 80% more than the amount invested in the same period of 2022.

For now, the total production of hydrocarbons totaled 511 thousand barrels per day, which is equivalent to a growth in oil production of 7% compared to the first three months of 2022.

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Marked growth in domestic sales

Rising results were also recorded regarding industrialization and commercialization: domestic fuel sales during the first quarter of the year had a rise of 4% compared to the same period last year.

In this sense, gasoline sales showed a 7% growthwhile the “processing levels in the refineries reached the highest value of the last 13 yearswith a growth of 9%” compared to the previous year.

FM JL

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