Argentina's YPF could increase 2022 capex plan

Credit: REUTERS/Marcos Brindicci

BUENOS AIRES, May 12 (Reuters) - Argentina's state-owned oil company YPF YPFD.BA could increase its $3.7 billion investment plan planned for 2022, especially for exploration and production activities, an executive said on Thursday.

YPF, which leads exploration in Vaca Muerta, the world's fourth largest unconventional oil reserve and second largest natural gas reserve, fell short of its capex plan in the first quarter, but is catching up with the target.

"Not only do we continue to target the full $3.7 billion capital investment plan for the year, but we could also see a potential increase beyond that, as we see favorable opportunities, primarily in our 'upstream' operations to further accelerate our activities," Chief Financial Alejandro Lew told a call with investors.

Argentina's government is also pushing for the construction of a new gas pipeline to increase transportation capacity and raise its energy exports.

YPF reported on Wednesday a net profit of $248 million in the first quarter, compared to a loss of $25 million recorded in the same period of 2021.

(Reporting by Eliana Raszewski and Peter Frontini; editing by Barbara Lewis)

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