Operator: Ladies and gentlemen thank you for standing by. At this time I would like to welcome everyone to the YPF First Quarter 2023 Earnings Webcast. [Operator Instructions].
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Argentina’s YPF to invest $1.5 billion to ramp up Vaca Muerta output
Argentina’s YPF said March 19 that it plans to invest more than $1.5 billion this year to ramp up oil and natural gas production in the Vaca Muerta shale play, a latest move by the state-backed energy company to rebuild output from a slump in 2020.
The investment “will translate into a significant increase in oil and gas production” compared with 2020, YPF chairman Pablo Gonzalez said in a statement.
The aim is to boost shale oil output by 56% and unconventional gas output shale and tight by 70% this year compared with 2020, the company added.