Saturday, December 15th 2012 - 20:59 UTC

Petrobras selling its assets in Argentina; YPF one of the interested companies

Brazil's state-run oil company Petrobras is putting its Argentine assets up for sale and will start accepting bids from interested buyers as early as this week, Buenos Aires newspaper La Nacion reported Friday.

CEO Maria das Gracas Foster said Petrobras will concentrate in developing ultra-deepwater fields off Brazil

Petrobras has hired Scotiabank Brasil to handle the sale, and talks have been held with four Argentine oil companies: state-run YPF SA, Tecpetrol, Pluspetrol, and Bridas, La Nacion said, citing local oil executives. A Petrobras spokesperson declined to comment on the report.

Petrobras possible sale of its operations in Argentina--which are largely held by its Petrobras Argentine SA subsidiary--would mark an abrupt change in the Brazilian energy giant's international strategy.

In April, Petrobras Chief Executive Maria das Gracas Foster said the company would continue to invest in Argentina, though developing ultra-deepwater fields found off Brazil's coast is a top priority.

Petrobras Argentina sold a refinery and gas stations to an Argentine investor almost two years ago, and today its assets include a stake in an electric utility as well as oil and gas fields.

Petrobras Argentina share price has cratered this year after Argentine President Cristina Fernandez nationalized YPF in April. Its shares in New York fell 5.3% to 4.83 dollars on Thursday, giving the company a market capitalization of about 1.33bn. The shares stood at a 52-week high of 8.62 in January.

Argentina has proven a difficult market for foreign energy companies due to government policies aimed at keeping domestic oil and gas prices low for consumers and industry. Oil and gas exports are subject to steep export taxes, and up until recently gas prices were capped at levels well below international rates.

President Cristina Fernandez administration recently more than tripled what her government pays YPF for new natural gas production, raising the price to 7.5 dollars per million British thermal units, in a move that signals greater willingness to offer higher prices to attract badly needed investment in Argentina's vast shale gas and oil deposits.
 

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1 Nostrolldamus The 2nd (#) Dec 15th, 2012 - 09:07 pm Report abuse
Betimes!

The fewer foreign interlopers in our strategic resources the better.
2 slattzzz (#) Dec 15th, 2012 - 09:42 pm Report abuse
even your so called friends are leaving the sinking ship as soon as poss
3 Nostrolldamus The 2nd (#) Dec 15th, 2012 - 09:48 pm Report abuse
All I know the British, Spanish, or anyone else won't ever clutch on to our shale oil, the 3rd largest reserves on Earth. You can't have it.
4 slattzzz (#) Dec 15th, 2012 - 10:30 pm Report abuse
@3 really we'll see when you go bust you'll sell your arse for a beer. Perhaps the Falklands will buy it that will be good
5 Captain Poppy (#) Dec 15th, 2012 - 10:33 pm Report abuse
That includes argentards also.....lolololol.
6 Ayayay (#) Dec 15th, 2012 - 10:42 pm Report abuse
Brazil business/Dilma/gov pulling out of Argentina. Gonna be interesting.
7 CJvR (#) Dec 15th, 2012 - 11:19 pm Report abuse
@1
If you actually had the competence, equipment and finances to develop them effectively yourself that would be somewhat accurate.
8 Pete Bog (#) Dec 15th, 2012 - 11:31 pm Report abuse
Another victory for Argentina!
9 andy65 (#) Dec 16th, 2012 - 12:31 am Report abuse
North Korea say they might bid LOL
10 The Chilean perspective (#) Dec 16th, 2012 - 12:50 am Report abuse
I don't get it, with huge proven gas and oil reserves and potentially massive profits to be made why are they abandoning their buddies when they need it most?????????? CFK won't be there for ever, or will she??
11 Pugol-H (#) Dec 16th, 2012 - 01:57 am Report abuse
Petrobras getting out, now that is interesting.
12 ProRG_American (#) Dec 16th, 2012 - 07:33 am Report abuse
Escort them to the door nicely. All that oil just for YPF, that is truly wonderful.
13 Monkeymagic (#) Dec 16th, 2012 - 09:13 am Report abuse
Petrobras have obviously made a strategic decision.

Invest in Argentina and risk having your assets seized on the whim of a madwoman....or invest just about anywhere else in the world...

However, Noble, EDF, Edison , Premier all joined the Falklands exploration and development in 2012.

It will be interesting to see which generates greater returns over the next decade, Argentinas famed “shale oil” or the Falkland Islands reserves.
14 redpoll (#) Dec 16th, 2012 - 09:38 am Report abuse
Dilmaspeak
Cristina your ship is making water so I scuttle scuttle scuttle
Chuckle chuckle chuckle
15 Doveoverdover (#) Dec 16th, 2012 - 09:59 am Report abuse
AB Slater
“@3 really we'll see when you go bust you'll sell your arse for a beer. Perhaps the Falklands will buy it that will be good”
What a gem of a Saturday night post from such a genuine jolly jack.
16 travellingscotsman (#) Dec 16th, 2012 - 10:42 am Report abuse
@3 - you mean the British, the Spanish, the Argentines and no one else will get access to your shale “GAS” please note that shale oil does not exist it is gas we're talking about here. The reasons why the Argentines won't get it is because YPF doesn't have the money, the expertise, nor the technology to do it themselves. It took the States 10 years to develop the technology for their shale gas to be productive - without outside help, or indeed an outside market as Cristina's laws currently state that national energy should be for Argentina, then no one will have it and Argetina will remain the backwards country that it is. I think you have all underestimated the huge impact that Petrobras leaving Argentina will make. Petrobras is the largest company in South America - them leaving speaks volumes about what it's like working in Argentina. Cristina really has not got a clue, she is driving Argentina into the abyss with her and the sad thing is that the Argentines, don't seem to care!!!!
17 Think (#) Dec 16th, 2012 - 11:30 am Report abuse
(15) Mr4 McDod

“Les Goddams” spirit is well and alive in leading hand slattzzz, I can see....
18 Britworker (#) Dec 16th, 2012 - 11:56 am Report abuse
@17
It would be better really if you had a perspective on this, yet another company abandoning Argentina and this time one of your so called closest friends. Cruise ships refusing to port with you, numerous international trade disputes, inflation sky high, assets seized abroad, reserves depleating to pay your debts, a pathetic excuse of a navy with rusting ships you cant afford to float, unable to export your products, no manufacturing base, infrastructure tired and ageing, no means to access your own energy sources, crime murder rife. I could go on.

You wouldn't want to be Argentine right now, they have absolutely nothing to be proud of as a nation and they wonder why Falklands won't touch them with a shitty stick!
19 Pete Bog (#) Dec 16th, 2012 - 12:12 pm Report abuse
@3
.“ You can't have it”

Neither can you if you can't raise the investment to extract it.

Shale oil is not an easy resource to extract-hence why most of the world have not bothered till now-still I am sure that when the blue and white flag with the smiley emoticon sun on it, is stuck in the ground the shale oil reserves will yield straight away at the sound of CFKs orders, as if by magic.
20 Conqueror (#) Dec 16th, 2012 - 12:53 pm Report abuse
@3 Ha ha. Where are you lot going to get US$1.3 billion?
21 Doveoverdover (#) Dec 16th, 2012 - 02:23 pm Report abuse
@17 I fear you may have, mistakenly, so over-promoted him that he no longer recognises himself.
22 Think (#) Dec 16th, 2012 - 03:15 pm Report abuse
:-)))
23 Nostrolldamus The 2nd (#) Dec 16th, 2012 - 03:29 pm Report abuse
@23

“You wouldn't want to be Argentine right now, they have absolutely nothing...”

Oh, and you are who to arrogate upon yourself the right to elevate this sweeping, unsubstantiated, tendentious statement to apodictic status?

Who are you, again?

The scope of the hypocrisy is illimitable.

@19

But it will, and better yet, it will be performed when the technology is refined and fracking does not create a partial to complete destruction of the ecology in the land above.

That is what is ocurring in the United States. The latest soil samples indicate a seeping of toxins and other substances from this extraction procedures, and their fields lie within some of the most important agricultural lands in that country. Admonitory warnings have already been made by many scientists about this incipient environmental crisis.
24 redpoll (#) Dec 16th, 2012 - 03:46 pm Report abuse
Oh dear nostril. Onset of verbal diarheria again or is it just mucus from your blocked sinuses?
25 Brasileiro (#) Dec 16th, 2012 - 04:18 pm Report abuse
No notice about Corinthians victory? Oh, the islanders sleep in sunday! hehehehe
26 Nostrolldamus The 2nd (#) Dec 16th, 2012 - 04:28 pm Report abuse
@24

Can't refute any of it can you? That's how I like you antis. Silent and nonplussed.
27 Brasileiro (#) Dec 16th, 2012 - 04:54 pm Report abuse
www.youtube.com/watch?v=VLd0yQlfB4Q
Brasil.....one place, one world!
28 redpoll (#) Dec 16th, 2012 - 06:08 pm Report abuse
@26 Use your handcherchief if you have progressed to that stage of civilization to evacuate the snot from your nose
29 Nostrolldamus The 2nd (#) Dec 16th, 2012 - 06:18 pm Report abuse
@29

My country achieved more civilization in 80 years than yours in the first 1000. And you had the Romans who built everything for your, from roads to forts to even public baths for everyone, and yet you retrogressed to the stone age for at least 600 years after their departure.

Make sure you don't throw stones from your friable papyrus abode.
30 Optimus_Princeps (#) Dec 16th, 2012 - 06:38 pm Report abuse
I guess Brazil is cutting its losses, before things get out of hand. For businesses that involve heavy machinery companies have to set aside about 6 million a year in bribe funds just to get shipments through on time. You won't find that in the news, but you will find first hand accounts by talking to people working for a specific industry that requires importing heavy machines in a timely fashion.

I really am not convinced that Cristina will be able to access that large reserve of natural gas alone, and I doubt she can convince enough companies to cooperate. Scaring away investors with unpredictable behavior, and counter productive trade practices (restrictions, corruption) is a sure fire way to make sure the job won't get done.
31 Nostrolldamus The 2nd (#) Dec 16th, 2012 - 06:43 pm Report abuse
Comment removed by edit0r.
32 Monkeymagic (#) Dec 16th, 2012 - 07:19 pm Report abuse
Nostrolanus

Please can you create a list of what Argentina has contributed to civilisation. I will accept any significant inventions, medicines, technological advancements, pharmaceuticals, any significant contributions to peace, any significant acts of benefit to humanity. Any Argentine you like in the past 200 years.

Nothing immediate springs to mind...

Then, without any particular thought do the same for the two countries you profess to despise, the UK and the US.

Compare the lists.

I am not interested in comparing the British Empires failings with the Genocidal Argentine conquistadors or the US behaviour in Vietnam or the Middle easts...just positive contributions to civilisation and humanity.

See what you come up with.
33 Nostrolldamus The 2nd (#) Dec 16th, 2012 - 07:21 pm Report abuse
@32

I will do some research and get back to you (and I hate also Europe, China and others).
34 ptolemy (#) Dec 16th, 2012 - 08:45 pm Report abuse
@32
“and I hate also Europe, China and others”

Yes, I would to see your list of hates too.
35 Optimus_Princeps (#) Dec 16th, 2012 - 08:51 pm Report abuse
Have you ever traveled further than a stones throw away from your home? Have you even traveled throughout Argentina? Have you left the country?

I've been to China, and North America. You're not in a position to say anything vulgar or offensive about them if you haven't bothered leaving your hovel to see the world for yourself. Don't be a racist uncultured pig. They are nice places if you see them for yourself without actively looking for reasons to hate them over the internet, those poorly written newspapers, or listening to other uncultured retards with no worldly experience.
36 Nostrolldamus The 2nd (#) Dec 16th, 2012 - 09:15 pm Report abuse
@35

I only reciprocate the antipathy and rancor directed at my country and its people. And how exactly do YOU excuse their rights to express themselves in the way they do, when most of them have never set a foot on this country, much less interacted in any meaningful fashion with its inhabitants??

Oh that's right, they “base”and inform their entirely warped beliefs about Argentina on what they read in websites like this one, or from crude extrapolations of the people through interpretation of the actions of the government, or from aspersions and cheap, unsubstantiated hearsay that is bruited about by those with personal animus against us.

So why can't I form my own opinions upon their conduct and demeanor in this website and others?

I'm am jaded and nauseated by the abuse the “travel” excuse. This poor debating alibi is no more valid (or perhaps playing Devil's advocate, just as legitimate), than me avering that “none of you can read or listen to German, French, Portuguese, Spanish television... ergo, I have a deeper understanding and insight into the quiddities of these cultures, so what I say about them is true”.

Cannot have it both ways.
37 ElaineB (#) Dec 16th, 2012 - 10:45 pm Report abuse
@ 36 LOL! Yes I have heard you reference soap operas before as if it is representative of real life.

Why do you always deflect your actions and words. Own them. Take personal responsibility for them.

You announced you are to spend your long vacation posting on message boards. What a waste of a young life. Go out and intern somewhere, get some work experience, or volunteer, or travel. I know you have said you don't have much money but you can do all those things for very little money. It would open your mind and show you that the world is not against you. It is your isolation that has poisoned your mind.
38 Nostrolldamus The 2nd (#) Dec 17th, 2012 - 01:48 am Report abuse
Elaine, in order to lern 6 languages and the English vocabulary I command, I must study all summer long... Otherwise when would I have the time when I also must fulfill the “regular” curriculum? The summer is the time to take that extra leap forward that will propel me to the patriciate of scholarship.
39 ElaineB (#) Dec 17th, 2012 - 10:38 am Report abuse
@38 Why does an isolationist need six languages? And why speak in English when you hate everything about English speaking countries? I am curious. You know, some Welsh will only speak in the welsh language as a protest against the English. A very small minority, but they make a point.

Well, don't let me keep you from watching soap operas in six languages. It does explain your use of over-dramatic language to make a simple point.
40 Britworker (#) Dec 17th, 2012 - 11:04 am Report abuse
@38
Actually I would be more interested to hear why you think Petrobras are pulling out of Argentina. Why do you think this is please, in your ever so educated opinion?
41 Xect (#) Dec 17th, 2012 - 11:48 am Report abuse
Petrobras pulling out of Argentina is absolutely disastrous for Argentina.

One of the companies that has been friendly to Argentina and the major player in SA markets suddenly leaving, it wont just be a loss in revenue but also a loss in development, technology and all of the advancements that could of come with it.

Anyone suggesting this is a good thing is utterly bonkers.
42 Simon68 (#) Dec 17th, 2012 - 01:25 pm Report abuse
It seems to me that Petrobras has some intelligence to th effect that CFK is seriously thinking about more expropiations!!!!!

At this moment Petrobras has as a priority the exploitation of their pre-salt deepwater oilfields and will need a great deal of money to carry this out, it is obvious that the best idea is to get out of a country that doesn't understand the rule of law, and put the realised capital into their priority project. A win-win situation... for Brazil!!!

For Argentina I think that this will be like the run of the lemmings in Scandinavia, the beginning of the end!!!!
43 ChrisR (#) Dec 17th, 2012 - 03:59 pm Report abuse
27 Brassiere (or Tit Sling)

Did you actually watch the video you linked to? Are you proud of what was in it?

The fighting between small children, notice the one in green attempting to pull a weapon out of his waistband and the pretend fighting of the adults. You can see where the violence of shanty towns comes from, can’t you.

I should stick to Brasil and Portuguese, English is too reserved for you.

No wonder that FIFA are beginning to see why most of the world were amazed that Brazil were given the Football World Cup. Bit of a no-brainer really, seeing as most of the thugs in Brazil have no brains anyway.
44 Nostrolldamus The 2nd (#) Dec 17th, 2012 - 04:59 pm Report abuse
@43

They still had enough brains not to give to England... lol. Brazil, Russia, and QATAR over the UK?

Ouch.
45 Britworker (#) Dec 17th, 2012 - 05:41 pm Report abuse
@44
So why do you think Petrobras are pulling out of Argentina?
46 Nostrolldamus The 2nd (#) Dec 17th, 2012 - 07:38 pm Report abuse
The most plausible explanation, as with all the other oil companies, that they lack either the wherewithal and/or capacity to make profits within a country that does not mollycoddle to their every vagary, or acquiesce to any of their lofty demands.

As Big Oil is either (a) wont and habituated to fleece the denizens of your countries (the rich ones) by effectively creating their own taxation code through the covert lobbying of you venal political class, or (b) accostumed to having the purview to deracinate local tribes and subsequently destroying the ecology of poor nations, I would conjecture they expected the same scenario to unfold here.

Since we in Argentina don't permit the oil companies a carte blanche, neither to depredate our ecology nor to trample on our citizenry, this denouement is not astounding or surprising.
47 GeoffWard2 (#) Dec 17th, 2012 - 09:34 pm Report abuse
Brasil moves out
China moves in
Watch it happen.

I think Petrobras have seen the way Ecuador is tying up Chevron through the world's civil courts.
Shale gas/oil extraction and processing is so polluting that it would be a crazy foreign national extraction company that placed itself at the whim of a commercially crazy nation that is running out of money.

China needs to be sufficiently crazy in order to fund and fuel its huge needs. It also has the commercial belligerence and clout to sort out any crazy nation that tries to change the rules of the game.
48 ChrisR (#) Dec 17th, 2012 - 09:38 pm Report abuse
@46

It has just struck me, you are getting yourself in a position to take FatBoys / Cokeheads R Us job at La Camping it up.

Yes, they need some-one who can talk intelligibly if not intelligently. Fingers crossed you get it.
49 Nostrolldamus The 2nd (#) Dec 17th, 2012 - 10:42 pm Report abuse
But you cannot deny that in these rare occasions when I sow that gossamer balance between elegant yet succinct prose, meet yet engaging lexicon, trenchant yet cogent analysis... with low-frequency vocabulary just sufficient enough to pique the reading sense, but not enough to jade or waft affected pretense... I can HONOR your language's beauty.

I may not do it often, as I am still practicing, but when I do it is undeniable it is a beauty to read such eloquent redacting.
50 redpoll (#) Dec 18th, 2012 - 12:16 am Report abuse
Use your handkerchief Nostril. Thats where your snot should be deposited
51 Nostrolldamus The 2nd (#) Dec 18th, 2012 - 12:28 am Report abuse
Are you going to declare to me that you have not benefited from my postings at all, even if it is by increasing your active vocabulary by ONE word?

Do you place any value in your OWN language?
52 redpoll (#) Dec 18th, 2012 - 03:33 am Report abuse
Not one jot nor tittle with your title tattle snittle
53 Nostrolldamus The 2nd (#) Dec 18th, 2012 - 03:38 am Report abuse
And then you still expect Argentina to engage with a society like yours, that thinks like that? Scram.
54 ChrisR (#) Dec 18th, 2012 - 03:45 pm Report abuse
49 Nostrolldamus The 2nd

You win that one, but you did not deny the point of the post, watch out, it's sharp!
55 British_Kirchnerist (#) Dec 24th, 2012 - 02:27 pm Report abuse
#12 Exactly. Good news for Cristina

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