“I took over the board of directors of a company that was on the verge of default, that came with declining numbers, with a drop in production and with a low esteem“Gonzalez said.
The head of the state oil company added: “Before this period we witnessed a depredation as a consequence of a state policy that did not have YPF as its central axiswhich is proven with numbers”.
Along these lines, he stressed that between “2015 and 2019 our country had a decline in oil and gas productionbecause it seems that it was easier to import crude oil than to give people work.”
“We cannot analyze any future without saying where we came from and what happened, otherwise we run the risk of things happening again,” he said, adding that the previous management “defunded the main company in Argentina, which today bills US$15,000 million.”
In this sense, he pointed out that in recent days it was reported that YPF has “a debt today of US$5,655 million“and that it could be lowered by almost 1,800 million because in “2019 it was 7,600 million”.
“Two days ago we reported a quarterly profit of US$678 million and the most important thing is that we are with him highest balance of organic growth in the last 25 years“Gonzalez said.
According to the manager, “We have been growing 7% in crude oil and 9% in gas this year; the highest production jump in the last 25 years. Today YPF has the lowest fuel price in the region and has increased less than inflation“.
“We were able to lower the debt without shrinking, producing more, and without firing any worker and worker and investing,” he said.
The latest YPF balance sheet reported that it was able to increase its crude oil production by 7% and gas production by 9%, in relation to the same quarter of 2021. This is mainly due to operational improvements in Vaca Muerta, where new records were reached in drilling times and well fracture.
These improvements allowed it to report sales of US$5.2 billion, which implies an improvement of 43% in year-on-year terms.
YPF shares skyrocketed in early November and increased more than 8% The state oil company YPF announced the investment of US$17 million to explore two wells in the Paso de las Bardas Norte area, almost on the border with Neuquén. The province, for its part, still has to formally extend the concession.
González assured that when his administration ends, he will end “with a growth curve that will determine the possibility of starting, advancing, and strengthening growth projects.”
González announced that next year YPF will be “self-supplying 100% of the crude; after many years we are self-sufficient again “and he explained that “Of the 30 thousand kilometers that Vaca Muerta has, where to the west there is more gas and to the right there is more oil, only 8% have been exploited of what can be”.
In addition, he announced that the company petronas (Petroliam Nasional Berhad), Argentina’s partner for seven years, “is now signing an agreement that when the final investment is signed will have the construction of a gas pipeline equal to Néstor Kirchner“of 570 kilometers and with an investment by 2036 of US$40 billion and noted that “Argentina is close to exporting natural gas and after exporting liquefied natural gas“.
González, also reported that they are “advancing to make YPF’s own pipeline, which is called Vaca Muerta Surwhich will be an investment of US$1,200 million net that will from Vaca Muerta to Punta Colorada in the province of Rio Negro.
He also referred to YPF Lithium and said that they wanted “it to be a spare wheel for the provinces that make up the lithium triangle, that this raw material can be used by the provinces and not only lithium is exported but also Argentine work.”
Source: Ambito
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