Argentina´s state-controlled YPF is breaking into other Latin American countries where it can apply its experience with mature oil and gas fields.
YPF plans to sign an operating agreement next week with Ecuador´s state-owned PetroAmazonas in a tender for enhanced recovery at mature fields.
The company placed a bid for the 8,600 b/d Yuralpa field, which holds an estimated 16.8mn bl of reserves and requires an estimated investment of $161mn, according to PetroAmazonas.
And the company hopes to participate in Mexico´s first-ever upstream licensing round next year.
"We´re very good at managing mature fields, and in terms of unconventionals, we´re ahead of the pack," YPF chief executive Miguel Galuccio told delegates today at a conference in Cancun, Mexico.
The company this week signed a three-way cooperation agreement with Malaysia´s state-owned Petronas and Mexico´s state-owned Pemex, an arrangement that Galuccio told Argus could be replicated in a bid for shallow water acreage in Mexico´s upcoming tender.
Mexico´s National Hydrocarbons Commission (CNH) plans to issue an invitation in November for shallow water blocks representing the first package of 169 blocks to be offered in Mexico´s inaugural licensing round, CNH president Juan Carlos Zepeda Molina said yesterday at the Cancun conference.
Elsewhere in Latin America, YPF plans to drill offshore Uruguay in late 2015. The company also has some exploration blocks in Bolivia.
But YPF is keeping its primary focus on shale-rich Argentina, where the company has signed joint venture agreements with Chevron, Dow Chemical and Petronas, Galuccio said.
He told Argus that Argentina´s ongoing partial default on its sovereign debt is not affecting the company´s ability to raise capital at home or abroad.
But some oil executives at this week´s conference remain wary of Argentina´s shale opportunity, largely because of above-ground political risks but also because of upstream costs.
Galuccio, a former Schlumberger executive who spent four years in Mexico, said shale development costs in Argentina are coming down.
pg/mte/tdf
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