Galuccio: “Argentina has oil for 25 years”

Argentina, March 16, 2013

The CEO of the nationalized YPF, the engineer Miguel Galuccio, made a balance of his administration almost a year of his assumption. “We have managed to retain the drop in production in the first six months of its nationalization. We should grow now” he said.

He stated that “in the next five years we could confirm that Argentina will have oil reserves for 25 years” and that “the planned investment for 2013 will be about 5,000 million dollars.”

“After several years of decline, we could stop it. Besides more than 20 managers returned to Argentina to work and we ended the year with a larger team which we started, “he said in a statement to National Radio.

The main objective YPF has, according Galuccio is “achieving self-sufficiency to stop importing oil and gas. It’s a matter of good planning. “

“We can have the sufficiency in 5 or 6 years and sustain it over time” he concluded.