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(Image courtesy of YPF)

Argentina’s state-controlled YPF has struck oil and gas at a well drilled in Patagonia, the company said Sunday.

According to YPF, the discovery has potential production of 200,000 cubic meters of gas and 370 bpd of oil.

The well was drilled to a total depth of 2,770 meters in the province of Santa Cruz.

Argentina is trying to boost oil and gas production to halt a drain on central bank dollar reserves caused by energy imports.

YPF is primarily focused on developing the large shale formations in the Vaca Muerta area in Patagonia, but is struggling to secure the investment needed.