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Financial News: ARGENTINA: Oil Investments To Increase 3% In 2017

ARGENTINA: Oil Investments To Increase 3% In 2017 - Report

06/29/2017 - 23:15:00 (RTTNews)

(RTTNews) - The annual investments planned by the oil companies in Argentina will grow 3% in 2017, compared to those made in 2016, according to a report by the Center for Public and Private Services Studies (CESPUP).

However, when comparing the planned investments for this year to those in 2015, there is a 36% drop. Chubut and Neuqu?n provinces should receive the largest investments in 2017. In those regions, the amount invested will increase by 11% and 12% respectively. Based on the information presented by the oil companies to the Ministry of Energy and Mining, the CESPUP explains that by disaggregating investments in prospection and exploitation, the former will fall 36%, to US$ 352,5 million in 2017 - or one-third of what was invested in 2015 to find new reserves.

"This may mean a long-term risk since a country that does not expand its hydrocarbon reserves compromises its future output. The production follows a downward trend, comparing the first quarter of 2017 with the same period of 2016, with an 8.6% drop in crude oil output and a 0.6% decrease in gas production," CESPUP said.

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