BUENOS AIRES, March 18 (Reuters) - Argentine state oil company YPF said on Thursday it will invest more than $300 million in the Patagonian province of Santa Cruz as part of a $2.7 billion annual investment program announced last week.
YPF is at the heart of Argentina’s efforts to reduce its annual energy deficit and become a net oil exporter.
“We are presenting an investment plan and working to put more resources at the service of production,” company president Pablo Gonzalez said in a statement.
YPF’s investment plan for this year is a 73% increase on last year, when the company was hit hard by falling oil prices sparked by lower demand amid the coronavirus pandemic.
The company carried out a multi-billion-dollar bond restructuring earlier this year.
Reporting by Nicolas Misculin, writing by Hugh Bronstein; editing by Jane Wardell