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.
Argentina's YPF and Chile's Enap Sipetrol announced a joint project to expand the production of natural gas and crude from the offshore Magallanes Deposits, (PIAM), to the east of Magellan Strait Reserve. Representatives from Tierra del Fuego province and Magallanes Region, and from the two companies, attended the announcement ceremony.
Argentina's Vaca Muerta shale formation in Patagonia remains an attractive asset for international investors, many of which are looking to increase the amount they have invested so far, according to the country's Energy Minister Juan José Aranguren, a former Shell Argentina CEO.
Argentina's state-run energy company YPF said this week it will fight a legal claim seek more than US$500 million in damages for rescinding natural gas export contracts in 2009. YPF shall use all its legal resources to defend its interests and those of its shareholders, the company said in a filing with the Buenos Aires Stock Exchange.
Miguel Galuccio confirmed he will be resigning as Argentina's YPF CEO and said he will guarantee an “ordered transition” ahead of the appointment of his successor. In a statement released on Wednesday, Galuccio said he will remain in his position until the upcoming Ordinary Shareholders Assembly takes place. He is expected to leave the state-run company after April 30.
Argentina's state-controlled energy company YPF will cut capital expenditure by at least 20-25% this year to mitigate the impact of the global oil price rout — leading to growing concerns among union leaders, who claim up to 2,000 workers would be laid off because of the company’s decision.