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Argentina's YPF Said to Resume Crude Exports After Two Years

YPF SA is set to export crude oil from Argentina for the first time in two years next month, taking advantage of a new government subsidy.

It was the state-controlled oil company’s first use of an incentive announced last month to spur drilling amid low oil prices. YPF sold 200,000 barrels of Escalante crude to PetroChina Co. as part of a combined 1 million-barrel joint cargo with Pan American Energy LLC, which provided the other 800,000 barrels, according to three people with knowledge of the matter who asked not to be identified because they weren’t authorized to discuss the matter.

The shipment is scheduled to load May 10-20 from Caleta Cordova, Argentina.
YPF, which is based in Buenos Aires, plans to export another cargo in June, and more shipments are likely to follow this...