Friday, November 28, 2014
Argentina in 'very favourable' position despite oil prices plunging
Cabinet Chief Jorge Capitanich defended YPF''s productivity performance.
The head of ministers said Argentina is in a “favourable” energy position as a result of YPF’s productivity in a week when crude prices plunged posting the steepest one-day falls since 2011, after OPEC decided against cutting output despite a huge oversupply in world markets.
“YPF has in a direct or associated way generated a productivity of each invested peso to reduce the cost of each well,” Jorge Capitanich said while addressing reporters today at the government house.
“Most efficient capital investment is, less sensible to crude prices variation it is. Argentina is in a very favourable position because it has a conventional oil production strategy that will allow hydrocarbon sefl-supply.”
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