Good expectations for Argentine oil 5 October 2009 in the latest time in several Latin American countries have discovered significant reserves of hydrocarbons. In Venezuela recently, in Brazil, Colombia, Uruguay, and even in Peru there was news of findings. Argentina away has been be exporter net of oil resources, as he knew it to be in a not too distant past, and the reasons for this must be sought in national policy errors in the matter. Beyond of the attraction which Argentina represents for the sector, institutional instability prevailing in the country fear discourages any kind of investment that you want to perform, mainly if it is high risk as in the case of exploration investment. But in this context of institutional instability, YPF (MERV:YPFD;NYSE:YPF), announced investments in the area of hydrocarbons. Is that the good relationship between the Argentine Government and the Petersen group managers who stayed with 14.9% stake in YPF in early 2008, a operation financed mostly with debt, which was at the time well received by the Argentine Government. Executive Vice President and CEO of YPF, Sebastian Eskenazi, announced investments of US $400 million at its refinery in Lujan de Cuyo, Mendoza, that the company will activate and will finance an exploratory Plan comprehensive in the areas in which it operates and in all provinces that accede to the initiative, to determine within a period of two years with few oil resources the country account. We will apply new technologies before we didn’t, as the 3D seismic, and convene to universities.
We will analyze basin by basin and that it has potential will get underway seismic studies, said Sebastian Eskenazi. In Argentina the exploratory activity has suffered a great technological backwardness which limited the possibilities of new discoveries. The application of new technologies will help increase the chances of new discoveries of archaeological sites that is very likely the Argentine territory.