YPF reached an agreement with Petroamazonas the national oil company of Ecuador, to optimize production in El Campo Yuralpa, with over 170 million investment. In March this year Petroamazonas selected YPF as the first company in priority order to negotiate agreements Yuralpa Field, where the company had shown interest, valuing the company experience in the development of mature fields.
The signed agreement, which will run fifteen years, includes the drilling of at least ten wells, enhanced oil recovery (EOR), and activities aimed at increasing oil production in that field, located in Block 21 in the Amazon province of Napo.
The signing ceremony, which was attended by the Vice President of Ecuador, Jorge Glas Espinel, was yesterday in the city of Quito, in the Eugenio Espejo Convention Center, between the General Manager Petroamazonas, Oswaldo Madrid Barrezueta, and Vice Shared Services YPF, Sergio Affronti.
"It seems appropriate to return to the international arena with a company like Petroamazonas, who has experience as an operator, a strong national root, and a working philosophy similar to ours. It is a major challenge and we believe that from working together can get very good results, "said President and CEO of YPF, Miguel Galuccio.
This understanding is the first step of YPF in his return to the international stage. Since the arrival of the new management, the company focused its entire investment in the country to develop its mature fields and unconventional. Only in 2013 were invested 4,488 million in the Upstream business with very encouraging results, which helped reverse ten years of production decline and implement the most important unconventional design of the world outside the United States. This project arises from the interest of YPF to diversify their business opportunities also outside the country, with an eye toward becoming a protagonist within the region.
