November 10, 2013 / 9:05 PM / 4 years ago

Argentina's YPF makes onshore oil discovery

BUENOS AIRES, Nov 10 (Reuters) - Argentine oil company YPF said it had made an oil discovery in the country’s western province of Mendoza, containing estimated reserves of about 15 million barrels of crude oil.

“Tests carried out at various depths, all productive, give an initial production estimate of 535 barrels of oil per day,” the company said in a statement on Sunday.

YPF said it would continue to explore the Neuquina basin, where the El Manzano block where the discovery was made is located.

Argentina has been obliged to import energy in recent years after a fall in the domestic production of natural gas and oil, as reserves have matured and investment has fallen. That spurred the government to expropriate control of YPF in 2012 from Spanish group Repsol.

YPF is seeking private investment to finance part of the $32.6 billion it needs over the next five years to increase production.

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