MercoPress. South Atlantic News Agency
First deadline for Repsol-YPF: invest or loose concessions in Chubut
Argentine Patagonia Chubut province could move to revoke oil and gas concessions held by Spain’s Repsol controlled oil and gas giant YPF SA as soon as Wednesday, a provincial official said Monday. Read full article
Comments
Disclaimer & comment rulesAnd who is going to replace YPF? They drill o/g in the most dangerous and unstable parts of the world yet Arg goes un-explored. Hmm wonder why? Could it be that CFK is more unstable than an African or Arab Dictator? I guess so. These people run the country like a bunch of spoiled teenagers. I guess the overall populations is just too dumb to see it.
Mar 13th, 2012 - 12:20 pm - Link - Report abuse 0Why would a non Argentine company invest its money to a country with a rather high risk of losing everything by being nationalised.
Mar 13th, 2012 - 01:19 pm - Link - Report abuse 0It's like the story f the Ono when after one coup or another all the settlers shops were looted. next week the Congolese were wondering when the shops were going to working again.
Ah but! CFK has all her friends who are oil-rig experts who have at least 5 minutes experience of running an extraction operation.
Mar 13th, 2012 - 04:44 pm - Link - Report abuse 0Ha, Ha, etc :o) The shit storm is coming quicker and quicker.
Who will even run the production they have, never mind look for more.
Mar 13th, 2012 - 06:58 pm - Link - Report abuse 0The Gas/Oil import bill is likely to jump up in the near future, as a result of this sucessfull drive towards self sufficency.
On the up side Argentina, will soon be able to buy its oil/gas imports from the Falklands and save on the cost of transporting it long distances.
KFC is a cunning cow..... 'it wasn't us that screwed YPF... it was those bad people down in Chubut...nothing to do with me.....'
Mar 13th, 2012 - 11:45 pm - Link - Report abuse 0TPF has to be nationalized, we need to kick out all these unprofetionals corporation, Argentina doesen t need corporations like rhis one.
Mar 14th, 2012 - 07:57 pm - Link - Report abuse 0for all this spanish investors that like to play games will be a good lection.
as explained by former chief of staff of the N. Kirchner administration (who now opposes this government), YPF is not investing as much as this government would like simply because it is more profitable for them to extract the fuel in other countries and import it to Argentina. He mentioned that, a cubic meter of gas extracted in Argentina would cost U$ 2,70, whereas imported from Bolivia the price is $11, and, if brought from overseas, U$ 19. So naturally, they want to import at a higher price knowing Argentina desperately needs it to satisfy its economic growth. Its just sad reading silly comments from people who have no clue what they are talking about here who just jump at every opportunity to attack CFK or her government just because... I may not like a lot of things about this government but I can see that, in this specific case, they are trying to secure jobs, keep fuel prices at a reasonable level, and protect the balance account.
Mar 14th, 2012 - 08:13 pm - Link - Report abuse 0@7 Troneas
Mar 14th, 2012 - 10:39 pm - Link - Report abuse 0The question is, with prices the same for the consumer and with costs like those, how can it be more profitable to import it.
Unless you pay a lot of tax on extracting in Argentina, and none on importing, or similar.
Maybe we are just CFK bashing, but if as you suggest it’s got to a situation where there are extractable reserves in Argentina, and still gas is being imported, then that in itself speaks volumes.
What oil/gas corporations are going to invest in Argentina after the YFP debacle, this is the crucial question, or get used to imported prices.
Then Argentina needs to nationalited YPF, I think the government needs to be in charge of natural resourses, now Espania is trating to keep YPF, I don t find any reason to keep Espania invlve, YPF has an agreement and the company is not fallow the clausulas, simple like that. But now the Espania king call CFK to discuss about it, may be there is a good business after all, will dee what happen but to me Argentinian government already took a desittion and is nacionalizar YPF and doesen t matter what happen. And to me it is a good idea.
Mar 15th, 2012 - 12:42 am - Link - Report abuse 0This economic crisis is basically a refusal of capital to invest ie “crisis of confidence”. Good to see Argentina and its heroic radiant leader are refusing to bow to the warped logic of the “free market” and forcing investment one way or another. Anything else would be to fail the people. Can anyone seriously defend the inviolable exclusive right of this company to Argentina's untapped reserves when it refuses to tap them; if they prefer to drill only in other cheaper countries as #7 points out, that's fine, they can get lost and the state can come in =)
Mar 15th, 2012 - 11:56 am - Link - Report abuse 0Argentina has the right to void all agreements with the YPF licencees, that means repsol.
Mar 15th, 2012 - 04:01 pm - Link - Report abuse 0Repsol wants to play games but the board if directors are stupids to me, there is not corporation on this wotld that can win any case against any government and it is impissible if the problem us Batural resources.
The only issye will be who is gonna do the job after Repsol, hope CFK has some companies in mind, plus to drill in Argentina the peso needs to be devaluated, it is more expenssive to drill in Argentina than in Brasil or Bolivia regardin natural gas. To me there is gonna be a new peso decaluation at any time.
Will see
No doubt if the Argintine Gov wants to, it can nationalise YPF. There would be the question of compensation of course, but this would just be added to the existing long list of disputes Argentina is already involved in.
Mar 15th, 2012 - 07:16 pm - Link - Report abuse 0Who will replace them is the important question then, if some one else steps in it could work for you, if not than Argentina may not be an oil/gas producer for much longer.
90 notice of ending YPF licences has been given by state governments on some wells in Patagonia.
We shall soon see.
May be CFK has already a repsol replacement, who knows, but to me all this mess was not to replace repsol is just to make repsol invest more in argentina
Mar 15th, 2012 - 09:30 pm - Link - Report abuse 0Does not look like that is going to happen! for whatever reason.
Mar 15th, 2012 - 09:32 pm - Link - Report abuse 013 pepegalleta
Mar 16th, 2012 - 11:45 am - Link - Report abuse 0Yes, she has.
It is a company owned by the two richest people in Argentina, two brothers.
Their energy business is however 60% owned by BP. Ha, Ha, Ha, etc.
So Timmidman will have to have them up in front of a Judge when the new 'law' he is forming comes into place.
What is it like to be governed by an absolute bunch of whackos? :o)
15 I don t think it is a bad idea to push Repsol to invest more money in searching for more energy, It is something rhat every country will do.
Mar 16th, 2012 - 06:45 pm - Link - Report abuse 0Repsol did not honor the agreement about investments, rhe issue is that is cheaper to drill in Brasil and Bolivia, Exploration is vwry important and if Repsol doesen t do the job, other corporation will do it.
The only one who is gonna lose is Repsol
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