YPF to Do Exploratory Drilling at Mendoza's Llancanelo Field

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laht-ypf drill - 2BUENOS AIRES – Oil company YPF, the Argentine unit of Spain’s Repsol YPF, plans to do exploratory drilling at the Llancanelo field in the western province of Mendoza.

The project, which will cost $55 million, has the goal of adding new oil reserves from the field, where no drilling has taken place for two years.

Crews will drill 15 vertical wells and 10 horizontal wells, YPF said in a statement.

Madrid-based Repsol acquired YPF, a former state-owned company, for $15 billion in 1999.

Former President Carlos Menem began the process of privatizing YPF in 1993.

Argentina’s Petersen Group owns a 15.4 percent stake in YPF.

The Petersen Group has owned its stake in YPF, Argentina’s largest oil firm, since February 2008 and has an option to acquire another 10 percent of the company.

The Petersen Group, which also has interests in the construction and banking industries, is controlled by financier Enrique Eskenazi. EFE

Source: http://www.laht.com/article.asp?ArticleId=360410&CategoryId=14093

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