???? 据石油世界期刊1月29日布宜诺斯艾利斯报道，据公司消息人士1月26日称，阿根廷国家支持的YPF计划今年增加73%的投资，在2020年10%的衰退后，增加的支出将主要用于重建石油和天然气生产。

????该消息人士援引公司政策称，YPF今年的目标是，与2020年相比，将其上游业务的投资增加90%以上，使其有可能“稳定”石油和天然气生产，并使其恢复增长，尽管成熟的常规油田自然下降。

????但该消息人士补充称，该计划取决于"是否有现金"。

????该消息人士称，为了腾出资金用于投资，YPF正试图重组62亿美元的国际债券，但迄今为止债券持有人反对该提议。作为回应，该公司改进了限制债券持有人损失的提议，同时使生产恢复增长。此次债务再融资的目标之一是分配资金，增加投资，使其有可能扭转近年来天然气和石油产量下降的趋势。

????债券持有人必须在2月8日前接受该提议。

????阿根廷最大的石油和天然气生产商YPF无法轻易在国际资本市场上融资，因为该国深陷金融危机的第三个年头，令贷款人却步。这意味着其必须依靠现金流，在去年经济封锁了8个月之后，现金流才慢慢恢复。 因此，根据公司数据显示，YPF的上下游投资在2020年前九个月从2019年的33亿美元下降到9.34亿美元。

????YPF首席执行官Sergio Affronti在11月与投资者举行的电话会议上表示，该公司去年的石油和天然气总产量可能比2019年下降10％，但他补充道，随着需求的恢复，该公司将能够逐步增加产量。

????YPF此后表示，计划在其常规油田加大对提高采收率技术的投资，以从成熟的储量中挤出更多资源，同时寻求在全球最大的页岩气田之一瓦卡穆尔塔(Vaca Muerta)地区实现增长。该公司希望将瓦卡·穆尔塔的原油产量份额从2020年11月的20％提高到2021年的25％，然后在2022年或2023年将其分别提高到45％或50％。YPF是该地区最大的生产商。

????郝芬 译自 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.