Vista Energy accelerates oil production in Argentina
Vista Energy's chief executive announced on Thursday that the company expects to reach a 100,000 barrels per day oil equivalent goal next year. This was originally set for 2026. The company is betting on a higher output from the top shale formations in the world. In a press release following a quarterly earnings conference, the company said it would invest between $1.1 billion and $1.3billion next year in order to achieve its revised target of bringing 60 wells online.
Pampa Energia to Sell $360 Mln in Oil Assets
Argentine group Pampa Energia said on Wednesday it has agreed to sell $360 million in oil assets to local company Vista Oil & Gas, which is headed by the former head of state oil company YPF, Miguel Galuccio. The deal is in line with the Pampa Energia's strategy of focusing its investments in electric power generation and exploration and production of unconventional natural gas, the company said in a letter to the Buenos Aires Stock Exchange.
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, who was elected in November on a free markets platform, has pledged to get Argentina's economy moving and correct the mistakes of the previous government.
Argentina's YPF Will Cut Capital Expenditure in 2016
Argentina's state-controlled oil company YPF will cut its capital expenditure in 2016 to mitigate the impact of the global oil price rout, its chief executive said on Friday after the firm announced a fourth quarter loss. "We do not see a meaningful production growth this year, we will be cutting capex," Chief Executive Officer Miguel Galuccio told an investor conference call. He did not immediately give further details but said some working rigs had already been put into standby mode.
Argentina's Supreme Court Orders YPF to Disclose Chevron Contract
Argentina's Supreme Court on Tuesday ordered the state-controlled energy firm YPF to fully disclose its contract with Chevron Corp amid allegations of secret clauses in the agreement. Chevron in 2013 signed a deal to explore the barely tapped Vaca Muerta shale formation, an accord that marked the largest foreign investment in Argentina's energy sector since the government seized Spanish giant Repsol's controlling stake in YPF.
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. The document stipulates the main areas of the future bilateral cooperation…
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. The memorandum is to be signed in Moscow during a visit by President Cristina Fernandez and YPF chief Miguel Galuccio…
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 to two Buenos Aires-based sources who asked not to be named and provided no details of the planned deal.
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 ... testify to the sustained work of YPF that…
Gazprom, YPF Mull Gas Production Increase
A meeting between Alexey Miller, Chairman of the Company's Management Committee and Miguel Galuccio, Chief Executive Officer of Argentine National Petroleum Company YPF was held at the Gazprom headquarters. The sides addressed the prospects for expanding the bilateral cooperation in the gas sector. In particular, they looked at the possibility of undertaking joint projects in such areas as exploration & development in Argentina.
YPF Strikes Oil in Southern Province of Neuquen
Argentine state-controlled energy company YPF said on Thursday it had discovered an unconventional oil field in the southern province of Neuquen. The find comes while YPF is struggling to attract investment needed to develop vast shale oil and gas formations in the Vaca Muerta area, which is also located in the southern Patagonia region. "We have discovered oil for the third time in a non-conventional site," YPF chief Miguel Galuccio told reporters.
Update: Chevron, YPF Boost Spending for Argentine Shale
Chevron Corp and state-controlled YPF SA said on Thursday they would spend an additional $1.6 billion to continue developing Argentina's Vaca Muerta shale formation, adding plans for new wells this year and announcing fresh exploration projects. The project will help Chevron boost its oil and natural gas production, which has been stubbornly flat the past few years despite annual capital spending of around $40 billion globally.
