YPF reveals strategy for growing its output

Argentina's President Cristina Fernandez, left, and YPF's General Manager Miguel Gallucio smile during a ceremony to announce new investments in YPF in Buenos Aires, Argentina, Tuesday, June 5, 2012. Galuccio announced a five-year plan that includes an investment of up to $7 billion annually to expand exploration and boost production.

Target: Argentina's President Cristina Fernandez Kirchener and YPF's General Manager Miguel Gallucio

AP/SCANPIX

By Gareth Chetwynd Rio de Janeiro

 07 June 2012 22:59 GMT

Argentina’s state-controlled ­energy company YPF must invest at least $7 billion per year to achieve a targeted 26% increase in natural gas and oil output by 2017, according to its new chief executive.

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