Argentina's oil corporation YPF plans to match United States costs in developing non conventional energy, by the end of 2018. This refers to the very rich shale deposits of Vaca Muerta, with a target of 10 dollars per barrel and for this purpose it has started a program of experimental drillings.
Argentina's state-run oil firm YPF expects a 3% decline in crude and natural gas output this year due to labor problems and bad weather, Chief Financial Officer Daniel Gonzalez told investors during a conference call in Buenos Aires.
Norway's Spectrum has started a 35,000 km multi-client 2D seismic survey covering 435,000 km2 in the deep waters of Argentina in cooperation with YPF. The survey will provide industry with the first ever detailed seismic grid over this under-explored frontier area of Argentina, allowing for basin-wide studies of the area as well as prospect/lead level interpretation studies for upcoming license rounds.
Argentina's state-run oil company YPF is among the bidders for Royal Dutch Shell Plc's refinery and network of gasoline stations in Argentina. Other nationally owned oil companies are interested in the assets but YPF is seen as having an edge because of its strong position in Argentina, the reliable industry sources said.
Argentina's Tecpetrol, part of the Techint Group, said on Thursday it would invest US$2.3 billion in the Vaca Muerta shale fields through 2019, the largest announcement in the formation in years. Tecpetrol said in a statement the investment was made possibly due to measures from President Mauricio Macri's government, including a deal with labor unions earlier this year and a definition of price supports this month.
Argentina's state-run oil company YPF said it reached a preliminary deal with Royal Dutch Shell Plc to develop oil and gas assets in the Vaca Muerta shale field, involving a US$300 million investment from Shell.
Argentina's government has agreed to extend a natural gas wellhead price subsidy until 2020 and reduce labor costs in a bid to jumpstart investment in the Vaca Muerta shale formation. The agreement, reached between the national government, the provincial government of Neuquen, industry and labor unions, comes at a time of lackluster upstream activity, reflecting an uncertain price environment and cost concerns.
As a part of the Pampa Energía takeover bid strategy, the Pensions Bureau guarantee fund had to sell its 11.85 % stake. It also holds 18% of Pampa's shares and saw no point in increasing that to 23% when prospects of a merger are on the radar. If we didn't sell, they would have merged us with Pampa anyway, a top Anses official said.
Argentina's oil company YPF and Norway's Statoil have signed a cooperation agreement to further gather information on Argentina's offshore potential. The accord was signed in Oslo between YPF CEO Ricardo Darré and Statoil Exploration vice president Tim Dodson.
Argentina's state oil company YPF said on Monday it has named Ricardo Darre chief executive officer, as the company makes leadership changes under the new pro-business government.