MercoPress. South Atlantic News Agency

Argentine oil industry requests stable rules

The drop in Argentina's oil and natural gas reserves, and the need for “clear and stable rules of the game” was highlighted during the “Hydrocarbons Congress 2003” that is currently taking place in Buenos Aires.

"We're concerned that primary information indicates that oil reserves have fallen 2% and natural gas 10%, which leads us to stress that we must act with determination and celerity to preserve Argentina's oil industry", indicated Oscar Vicente president of the Congress.

Mr. Vicente stressed that "country and industry need adequate economic conditions plus clear and stable rules of the game that enable the sustained and long term investments Argentina needs to keep growing".

The congress is organized by the Argentine Oil and Gas Institute, IAPG, the main grouping of the Argentine oil industry.

Mr. Vicente pointed out that in the last two decades Argentina managed to attain self sufficiency in oil production and successfully faced the industry's globalization and fierce foreign competition.

"In the last decade of the twentieth century the oil industry invested 41 billion US dollars in Argentina that helped increase production, reserves and made us an important oil and natural gas exporter", said Mr. Vicente.

"We're going through difficult moments, but the technological advances of our industry have held us firmly, clearly positioned in the world, with immense potential growth and a leading role in the region", added Mr. Vicente who then again insisted in requesting "a clear horizon, free of uncertainties that will enable us to reduce risks and re-establish our trust in the institutions".