YPF increases oil production 7% year-over-year

Nov. 3, 2023
Argentina’s YPF increased its crude oil production 7% in the first 9 months of the year compared with the same period in 2022. This growth is attributed to accelerated upstream activity with 225 wells drilled in the period.

Argentina’s YPF SA has increased its crude oil production 7% (15,000 b/d) in the first 9 months of the year compared with the same period in 2022. This growth is attributed to accelerated upstream activity with 225 wells drilled in the period compared with 192 wells in the same period last year, according to company reports. 

In October 2023, YPF hit daily production of 250,000 bbl, the highest production figure in the last 7 ½ years. The company's refining capacity reached a record high 310,000 b/d in certain months this year, with a 5% increase (13,000 b/d) in the first 9 months of the year when compared with the same period in 2022.

In the refined products segment, gasoline and diesel production have hit record levels so far in 2023. For the first 9 months ended Sept. 30, YPF increased its gasoline production by 186 million liters, 5% more than the same period in 2022, and increased diesel production by 206 million liters, 4% more than the year-ago period.

YPF, which is 51% owned by the Argentine state, is looking to increase refining capacity by about 5% in the coming weeks. Next year, the launch of Project NEC A at the La Plata refinery is expected to further increase gasoline production by an additional 500 million liters, or 8%.