MercoPress. South Atlantic News Agency

YPF oil and gas reserves down 20% in two years

Spain's Repsol YPF revealed Wednesday in an official document that the company's oil and gas proven reserves in Argentina had dropped 20.3% in the course of two years.

Reserves on December 31st. 2007, developed and non-developed, added to 1.283 million barrels of oil equivalent, compared to 1.611 million barrels of oil equivalent on the last day of 2005. The information was made public in a communiqué to the Buenos Aires Stock Exchange saying that YPF had extracted 242 million barrels of oil equivalent in 2006, while adding 29 million from "extensions, discoveries and secondary recoveries". In 2007 extraction was 232 million barrels of oil equivalent and the incorporation 19 million barrels of oil equivalent. Repsol YPF balance sheet for 2007 shows earnings equivalent to 1.287 billion US dollars, which is 8.3% below the previous year. At the end of last year Repsol agreed to the sale of 14.9% of its YPF stock to an Argentine investment group for an estimated 2,2 billion US dollars.