BUENOS AIRES, Feb 26 (Reuters) - Energy output at Argentina’s vast but barely tapped shale oil and gas field “Vaca Muerta” has risen to 40,000 barrels of oil equivalent per day, said YPF Chief Executive Officer Miguel Galuccio on Thursday.
Galuccio said in a conference call after the YPF fourth quarter and full year results were released that output had risen from 33,000 boepd previously and now accounted for around 4-5 percent of the firm’s total production.
Argentina’s state-controlled oil company YPF is seeking to ramp up production at Vaca Muerta in order to reverse a gaping $7 billion energy deficit that is draining foreign reserves.
YPF does not publish Vaca Muerta production data on an ongoing basis. Data from the formation’s home province of Neuquen had shown last month output was about 33,000 boepd at the end of September, with a trend toward growth. (Reporting by Eliana Raszewski; Writing by Sarah Marsh; Editing by Diane Craft)