LatinNews Daily - 12 May 2022

In brief: Argentina’s YPF hails first quarter profit

* Argentina’s state oil company, Yacimientos Petrolíferos Fiscales (YPF) has reported an Ar$26.4bn (US$225m) net profit for the first quarter of 2022, reversing a loss of Ar$2.2bn in the same period in 2021. According to a YPF statement, the company launched an ambitious US$3.7bn investment plan for 2022, investing US$748m in the first quarter of 2022, over 50% more than in the same period in 2021. According to the same statement, total hydrocarbons production totalled 506,000 barrels of oil equivalent per day, up 16% year-on-year and 5% compared with the previous quarter. Crude production was up 7% on the same quarter in 2021 while gas production was up 20%. According to YPF this growth was driven by unconventional activity, with shale oil production doubling production in the first quarter of 2022 compared with the same quarter in 2021 and currently representing some 38% of the company’s total production. Unconventional gas production was up 140% in the first quarter in annual terms while unconventional crude production was up 52%. Argentina’s unconventional oil and gas production is concentrated in the ‘Vaca Muerta’ shale oil and gas fields, said to contain the world’s second largest shale gas deposits, located in the southern Patagonia region.

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