???? 據石油世界期刊1月29日布宜諾斯艾利斯報道，據公司消息人士1月26日稱，阿根廷國家支持的YPF計劃今年增加73%的投資，在2020年10%的衰退后，增加的支出將主要用于重建石油和天然氣生產。

????該消息人士援引公司政策稱，YPF今年的目標是，與2020年相比，將其上游業務的投資增加90%以上，使其有可能“穩定”石油和天然氣生產，并使其恢復增長，盡管成熟的常規油田自然下降。

????但該消息人士補充稱，該計劃取決于"是否有現金"。

????該消息人士稱，為了騰出資金用于投資，YPF正試圖重組62億美元的國際債券，但迄今為止債券持有人反對該提議。作為回應，該公司改進了限制債券持有人損失的提議，同時使生產恢復增長。此次債務再融資的目標之一是分配資金，增加投資，使其有可能扭轉近年來天然氣和石油產量下降的趨勢。

????債券持有人必須在2月8日前接受該提議。

????阿根廷最大的石油和天然氣生產商YPF無法輕易在國際資本市場上融資，因為該國深陷金融危機的第三個年頭，令貸款人卻步。這意味著其必須依靠現金流，在去年經濟封鎖了8個月之后，現金流才慢慢恢復。 因此，根據公司數據顯示，YPF的上下游投資在2020年前九個月從2019年的33億美元下降到9.34億美元。

????YPF首席執行官Sergio Affronti在11月與投資者舉行的電話會議上表示，該公司去年的石油和天然氣總產量可能比2019年下降10％，但他補充道，隨著需求的恢復，該公司將能夠逐步增加產量。

????YPF此后表示，計劃在其常規油田加大對提高采收率技術的投資，以從成熟的儲量中擠出更多資源，同時尋求在全球最大的頁巖氣田之一瓦卡穆爾塔(Vaca Muerta)地區實現增長。該公司希望將瓦卡·穆爾塔的原油產量份額從2020年11月的20％提高到2021年的25％，然后在2022年或2023年將其分別提高到45％或50％。YPF是該地區最大的生產商。

????郝芬 譯自 石油世界期刊

????原文如下：

????YPF to boost hydrobarbons investment by 73% in 2021to rebuild output

????Argentina's state-backed energy company YPF plans to ramp up it investment 73% this year, with the brunt of the increased spending going toward rebuilding oil and natural gas production after a 10% slump in 2020, a company source said Jan. 26.

????YPF aims to increase investment in its upstream business more than 90% this year compared with 2020, making it possible to "stabilize" oil and gas production and set it up to return to growth despite the natural declines at maturing conventional fields, the source said on the condition of not being named, citing company policy.

????The plan, however, hinges on "the availability of cash," the source added.

????To free up cash for investment, the source said YPF is trying to restructure $6.2 billion in international bonds, but so far bondholders have objected to its proposal. In response, the company has improved the offer to limit losses for bondholders while making a return to production growth more viable than if nothing were done.

????"One of the objectives of this debt refinancing is to allocate funds to increase investments that make it possible to reverse the decline in the production of gas and oil in recent years," the source said.

????Bondholders have until Feb. 8 to accept the offer.

????Argentina's biggest oil and natural gas producer, YPF cannot readily borrow money on the international capital markets because the country is mired in its third year of a financial crisis, deterring lenders. This means it must rely on cash flow, which has been only slowly recovering after an eight-month lockdown of the economy last year slashed sales of diesel and gasoline. As a result, YPF's upstream and downstream investment plunged to $934 million in the first nine months of 2020 from $3.3 billion in all of 2019, according to company data.

????In a November conference call with investors, YPF CEO Sergio Affronti said the company's total oil and gas production was likely to decline 10% in 2020 from 2019, but he added that as demand recovers the company will be able to gradually increase output.

????YPF has since said that it plans to invest more in enhanced recovery techniques in its conventional fields to squeeze more out of the maturing reserves, while pursing growth in Vaca Muerta, one of the world's largest shale plays. The company wants to boost its share of crude production from Vaca Muerta to 25% of the total in 2021 from 20% in November 2020, and then take it to 45% or 50% in 2022 or 2023. YPF is the biggest producer in the play.