YPF submitted a $25-billion investment proposal for its LLL Oil project in the Vaca Muerta shale formation. The company filed the application under Argentina’s Large Investment Incentive Regime (RIGI) as the nation's largest proposed oil export initiative.
The 15-year development plan involves drilling 1,152 wells. Production is projected to reach a plateau of 240,000 barrels of oil per day starting in 2032. All crude produced from the project is destined for international export markets.
YPF shares rose more than 8% following the strategic announcement. UBS analysts supported the market momentum by increasing their price target for the stock.