Exploration & Production
YPF Annouces Big Shale Oil Find In Argentina
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Repsol YPF SA announced its largest-ever oil discovery on Monday, doubling its proven reserves in Argentina and increasing by a third the amount of recoverable oil claimed worldwide by the Spanish-Argentine energy company.
“This changes the map for Argentina,” company spokesman Kristian Rix said, calling the discovery “transformational” for the company as well.
Repsol YPF is based in Spain but operates in more than 30 countries around the world. As of Monday, Argentina is home to two-thirds of its three billion barrels of proven oil reserves, up from half.
The discovery includes 927 million barrels of recoverable resources, 741 million of which is oil. That’s enough to turn Argentina into an energy-exporting nation, Mr. Rix told the Associated Press in a phone call from Madrid.
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