Argentina should be self-sufficient in energy in five/six years says YPF
MercoPress | March 18, 2013
Argentina’s energy self-sufficiency can be expected in five to six years said Miguel Galuccio, CEO of YPF, the oil and gas corporation which was nationalized a year ago when the government of President Cristina Fernandez seized a 51% majority from Spain’s Repsol.
CEO Miguel Galuccio is hoping to develop the Vaca Muerta shale deposits CEO Miguel Galuccio is hoping to develop the Vaca Muerta shale deposits
“We can think of recovering self-sufficiency in oil and gas in 5 to 6 years”, said Galuccio who pointed out that “much depends on planning, an investment plan and putting all our energy to substitute all we are purchasing now with local energy which will be far cheaper”.
YPF is planning to invest 5bn dollars in “exploration and production of gas and oil” said Galuccio. “We need to transform those reserve resources so that they become exploitable. In 2013 we are planning to drill 113 wells to generate the sufficient scale production so that it becomes profitable”.
“If we can manage to exploit Vaca Muerta we can think of a 20/25 year horizon in reserves” he added in reference to the non conventional shale oil reserves in the province of Neuquen considered some of the largest in the world.
However despite the long path to self sufficiency that lies ahead, Galuccio said that YPF has managed to stop the decline of production after several years. According to YPF crude production last year was up 2.2% compared to a downfall of 7.6% in 2011, while gas production was down 2.3% compared to a contraction of 10.2% in 2011.
YPF that has announced a long term investment of 7bn dollars annually from 2013 to 2017 is currently under the Argentine government control since las May when Congress approved a bill nationalizing 51% of Repsol shares, which nevertheless retains 12% of the current package.
US State Department condemns Argentine expropriation of YPF Oil Company
Press TV – April 20, 2012
The US has joined Spain and Britain in condemning Argentina’s expropriation of the Spanish-owned oil and gas company, YPF, Press TV reports.
US State Department spokesman Mark Toner condemned Argentina’s nationalization of the oil company, saying his country views the act with negativity.
Toner also warned that the move would ultimately hurt Argentina’s economy.
However, the Argentine government has responded firmly to the criticism, arguing that the decision was taken based on the country’s national interests.
“The project aims at certain states’ rules to lead a strategic company. We do not govern on behalf of the US and the Spanish people,” Argentine Interior Minister Florencio Randazzo said.
Argentine President Cristina Fernandez has slammed the company for failing to re-invest in local oil and gas production, which forced Buenos Aires to pay more than USD 9 billion to import fuel last year.
On Monday, Fernandez announced the decision to reclaim YPF, which was formerly a state-owned Argentine oil company, at a meeting with her cabinet and provincial governors. She said that Argentina had to take back the oil company since it is the only nation in Latin America “that does not manage its natural resources.”
The move to declare YPF Gas a public utility by taking 51 percent of its shares is an extension of the takeover of YPF Oil Company, the major subsidiary of Repsol.
Repsol President Antonio Brufau said on Tuesday that the company would take legal action against Argentina, seeking compensation of about $10 billion.
Meanwhile, the Spanish government has also criticized the move by claiming that Argentina is taking a risk of becoming “an international pariah” if it takes control of the YPF, in which Repsol has a 57.4 percent stake.
Related articles
- Argentina to nationalize Spanish owned oil firm (alethonews.wordpress.com)
- Argentina seeks Petrobras collaboration in YPF (theglobeandmail.com)
Argentina to nationalize Spanish owned oil firm
Press TV – April 16, 2012
The Argentine government says it will present a bill to the country’s senate for the nationalization of the YPF oil company which is owned by Spanish firm Repsol.
Argentine President Cristina Fernandez said on Monday that the bill would allow the government to expropriate 51 percent of YPF shares, while the country’s oil producing provinces would get 49 percent.
“This president is not going to answer any threat, is not going to respond to any sharp remark, is not going to echo the disrespectful or insolent things said,” Fernandez said.
YPF has been under heavy pressure from the Argentine government over the past two months for not investing enough in the country’s oil fields.
The move has already been criticized by the Spanish government. Spanish officials say Argentina risks becoming “an international pariah” if it takes control of the YPF, in which Repsol has a 57.4 percent stake.
Spain is Argentina’s largest foreign investor and YPF is Argentina’s biggest oil company.
Related articles
- Repsol YPF ups Argentine shale deposit potential (seattletimes.nwsource.com)
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Hands off ‘our hemisphere’ or Venezuela pays the price: US Senator warns Russia
RT | February 13, 2019
The US staked a claim on half the world, as Senate Armed Services Committee chair Jim Inhofe said Washington might have to intervene in Venezuela if Russia dares set up a military base not just there, but “in our hemisphere.”
“I think that it could happen,” Inhofe (R-Oklahoma) told a group of reporters on Tuesday. “You’ve got a guy down there that is killing everybody. You could have him put together a base that Russia would have on our hemisphere. And if those things happen, it may be to the point where we’ll have to intervene with troops and respond.”
Should Russia dare encroach on the US’ neck of the woods, Inhofe said: “we have to take whatever action necessary to stop them from doing that.” … continue
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