Tariff Fight Roils Argentina’s Shale Patch
Argentina needs oil rigs to develop its vast shale oil and gas resources. The United States has plenty of idle equipment laying around after its own unconventional drilling boom cooled. But moving that machinery from the plains of Texas to the windswept Patagonian desert is proving complex and costly for global oil majors who say Argentina's protectionist past is slowing efforts to spark its own shale revolution.
Argentina's Macri Defends Energy Rate Hikes
President Mauricio Macri on Saturday defended his move to hike Argentina's energy rates as a "painful" but necessary part of fixing the economy after years of mismanagement under his leftist predecessor. Macri's remarks came two days after an Argentine court halted price increases for gas and electricity, hurting his drive to narrow the fiscal deficit by cutting energy subsidies. The dispute will likely end up in the Supreme Court.
Argentina's YPF to Ship Oil to China, Spurred by Subsidy
Argentine state oil company YPF a will export 200,000 barrels of oil to China in a deal spurred by a new government subsidy designed to encourage drilling in the South American country, a market source familiar with the deal said on Wednesday. It would be YPF's first export of crude in two years, the source said. The country has struggled to attract…
Argentina Asks YPF Boss to Resign
Argentina has asked the head of state-controlled oil company YPF to step down next month, the government's official news agency Telam said on Wednesday. Chief Executive Miguel Galuccio was appointed in 2012 by Argentina's previous president, Cristina Fernandez, who seized control of YPF from Spanish oil giant Repsol. The country's new president Mauricio Macri…
Argentina raises Power Tariffs in drive to slash subsidies
Minister Juan Jose Aranguren said the government of newly-elected Mauricio Macri targeted reducing subsidies by $4 billion this year as part of a drive to reduce a gaping deficit that widened sharply under the government of former President Cristina Fernandez. "The subsidies for the generation of electricity in 2015 was around $10 billion, which is just under 2 points of gross domestic product," Aranguren told a news conference.
Argentina: UK's Cameron 'almost ill-mannered'
Tensions over the Falkland Islands flared again on Wednesday, with Argentine President Cristina Fernandez referring to Britain's leader as "almost ill-mannered" in his comments to an official of her government over the contested archipelago. At a meeting of Latin American countries with the European Union in Brussels, Foreign Minister Hector Timerman…
Gazprom, YPF Sign MoU
Alexey Miller, Chairman of the Gazprom Management Committee and Miguel Galuccio, Chief Executive Officer of Argentine National Petroleum Company YPF signed a Memorandum of Cooperation in Moscow today. The ceremony was held in the presence of Vladimir Putin, President of the Russian Federation and Cristina Fernandez de Kirchner, President of the Republic of Argentina.
YPF Triples Planned Bond Sale to $1.5b
Argentina's state energy company YPF has expanded its planned bond sale to $1.5 billion from $500 million, the company said on Thursday in a letter to local market regulators. Results of the 10-year debt sale are expected to be announced later on Thursday. Reuters' IFR reported the issue was launched at 8.625 percent, down from price talk of 8.75 percent.
Russia to Sign Energy MoU with Argentina
Argentina and Russian state-owned gas producer Gazprom will sign a memorandum on Thursday, Kremlin adviser Yuri Ushakov confirmed on Wednesday. Sources familiar with the situation said earlier that Argentine state oil company YPF was close to signing a memorandum of understanding for Gazprom to make energy investments in the South American country.
Argentina to Ink Energy Deal Memorandum with Gazprom
Argentine state oil company YPF is close to signing a memorandum of understanding for Russia's Gazprom to make energy investments in the South American country, sources familiar with the situation said on Tuesday. The memorandum is to be signed in Moscow this week during a visit from President Cristina Fernandez and YPF chief Miguel Galuccio, according…
Argentine February Natgas Output Rises, Oil Extends Losses
Argentine natural gas production rose in February versus the same month last year, but output of crude oil extended 2014 losses into the first two months of 2015, the country's energy secretariat said on Monday. Natural gas output rose 1.2 percent in February to 3.23 million cubic meters while crude production fell 2.1 percent to 2.35 million cubic meters, the secretariat said in a statement.
UK Summons Argentine Ambassador over Falklands' Comments
Britain said on Thursday it had summoned the Argentine ambassador to explain the latest war of words over the disputed Falkland Islands which included a threat to prosecute British energy firms operating in the area. Last week, Premier Oil Plc and Falkland Oil and Gas Ltd said they had made an oil and gas discovery at a well off the south Atlantic islands, the first in a nine-month drilling campaign.
Tribunal Dismisses Venoklim Lubricants Case Against Venezuela
A World Bank tribunal has thrown out an arbitration case pitting Netherlands-incorporated motor lubricants company Venoklim against Venezuela over a 2010 nationalization. The International Centre for Settlement of Investment Disputes (ICSID) said on Friday that Venoklim is ultimately owned by Venezuelans and thus did not qualify for arbitration as a foreign company.
Vaca Muerta Shale Output Rising
Combined shale oil and natural gas output from Argentina's vast Vaca Muerta formation was about 33,000 barrels of oil equivalent per day (boepd) at the end of September, with a trend toward growth, data from the formation's home province of Neuquen showed on Friday. The information from the province's mining and energy department showed a sharp increase…
YPF: Oil, Gas Output Rose in 2014
YPF's oil and natural gas production rose in 2014 for the second year running, Argentina's state-run energy company said on Thursday, fanning hopes Latin America's third largest economy is on track to regaining energy self-sufficiency. Oil production rose 8.7 percent last year, while gas output was up 12.5 percent, YPF said. The company did not publish annual output volume. "These results ...
Argentina: The Most Attractive Shale Play Outside US
Cristina Fernandez, president of Argentina, is the sort of populist political leader financial markets love to hate. For business interests and the media, she has become an archetypal villain, a symbol of everything that has gone wrong with the country's economy over the last century. Extreme political polarisation, serial defaults, devaluations, hyper-inflation and expropriations of foreign property…
Argentine Congress Passes Law Aimed at Attracting Oil Investment
Argentina's Congress gave final approval on Thursday to a law revamping energy investment regulations, the latest step by President Cristina Fernandez to lure foreign companies into the country's promising shale sector. The law, passed by a 130 to 116 vote in the lower house, cuts the minimum investment needed for companies to be exempt from import controls to $250 million from $1 billion.
Argentine Senate Okays Deal to Lure Shale Investors
Argentina's Senate early on Thursday approved a bill aimed at increasing incentives to lure the foreign investors needed to develop its vast shale reserves and erase the country's costly energy deficit. The cash-strapped South American country, which defaulted on its debt in July and cannot tap global credit markets, needs investment of as much as…
China lends Argentina $7.5 bln for Power, Rail Projects
Argentina signed deals on Friday to borrow $7.5 billion from China at a time when the Latin American country cannot tap global capital markets because of disputes over unpaid debt. Among the deals signed, Argentine President Cristina Fernandez and her Chinese counterpart, Xi Jinping, agreed on a loan for $4.7 billion from the China Development Bank for the construction of two hydroelectric dams in Patagonia.
WTO Rules Against Argentina Licensing Rules in Row with US, EU, Japan
A World Trade Organization (WTO) dispute panel ruled against Argentina on Friday in a 2012 case brought by the United States, European Union, and Japan against Argentine import licensing rules used to restrict imports. The three trade powers argued that Argentina did not grant licenses to importers automatically, as required under WTO rules, allowing it to shield its vulnerable economy.
