YPF's Gallucio asks for more private investments to expand Argentina's oil production

YPF's energy company CEO Miguel Galuccio presented today the results of a plan to maximize the country’s energy capacity entitled "Argentine Exploration Plan" at a five-star hotel downtown.

Galuccio explained the company expects the data introduced today will help to “get a long and short term consistent exploratory plan underway.”

During his speech, Galuccio urged the businessmen who attended the meeting to believe in him as the company's leader "as I'm always going to defend your investments. Believe me gentlemen that we can grow and make money together."

Likewise, Cabinet Chief Juan Manuel Abal Medina came on stage to back up YPF's CEO by emphasizing that "Investors can be one hundred percent confident because investing in Argentina guarantees nothing but success."

In terms of energetic plans, Engineer Galuccio recognized that "Argentina's hidrocvarbons production has been decreasing by 6 percent yearly for the past years", and added, "That's why the share holders' interests must be aligned with those of the State."

Furthermore, Galuccio welcome "any new potential partners willing to work in our country", and concluded, "We need both strategic and logistics partners capable of providing the necessary equippment, plus financial partners."  

According to a communiqué released earlier by the oil company, the new plan is focused on the “revision of the exploratory potential of the Argentine wells, the further examination of gas and oil basins and a prospective map of exploration at the provinces.”

The oil company also informed Buenos Aires, Entre Ríos, Formosa, Chaco, Santa Cruz, San Juan, Córdoba, Santa Fe, La Rioja, Salta, Tucumán and Misiones provinces are expected to be taking part on the exploration plans.