Argentine oil company YPF will invest a total of US$1.7bn in Santa Cruz province over the next five years, according to a statement from the provincial government.

Of the total, the company plans to invest more than US$400mn in the region this year, up from US$300mn in 2010 – and the figure will continue to grow, CEO Sebastiбn Eskenazi was quoted as saying.

The region represents 25% of the company’s total production of crude, or 21Mb in 2010. YPF has nine production areas in the province.

The company has a total investment budget of US$2.8bn across Argentina this year, double the US$1.37bn spent in 2009.

“Above all we have to work together to avoid production stoppages in Santa Cruz, because those events prevent increased investment from operators, leading to new jobs,” provincial governor Daniel Peralta was quoted as saying at the YPF investment presentation.

Oil workers started a new strike in the province earlier this week, local paper La Naciуn reported.

Strikes have affected production from Santa Cruz and Chubut provinces since late last year.

In related news, the mayor of Caleta Olivia city Fernando Cotillo has alleged that he was attacked by armed union members, local paper Clarнn reported.

YPF head Sebastiбn Eskenazi came out in support of the official, who reportedly required medical treatment after the attack from activists associated with private oil workers union SPP.

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