MercoPress. South Atlantic News Agency
Galuccio wants YPF as the leading company in rejuvenation of marginal fields
Argentina’s nationalized oil and gas corporation YPF newly appointed General Manager Miguel Galuccio hosted on Monday his first official meeting addressing an auditorium of 200 workers at the Comodoro Rivadavia plant where he announced that the strategic plan of the company will be ready in the next 100 days. Read full article
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Disclaimer & comment rules100 days to develop a strategic plan! With effective management who know the product and market this should be done within one month. YPF like Argentina is clearly screwed!
May 08th, 2012 - 07:08 am - Link - Report abuse 0@1: Do you think you know more than Galuccio? That why you are on the internet...
May 08th, 2012 - 08:37 am - Link - Report abuse 0In many areas i do know more and in other areas he will have greater knowledge. I know my industry and market and expect he knows his. My point is still valid. How in earth is it going to take 100 days to develop a strategic plan for an established company? This is not a start up and the organisation already has expo and production licences and a workforce. It also has infrastucture. Still it will be fun watching the cash burn for the next 100 days and then it needs to be implemented. As this is a nationalised company then politics will become a variable.
May 08th, 2012 - 09:33 am - Link - Report abuse 0Does Galuccio not have internet access or something?
@3 I'd concur. 100 days seems a delightfully long time to produce what should already have been available.
May 08th, 2012 - 10:18 am - Link - Report abuse 0In all fairness, place yourself in a company that just had key management (the Spaniards) literally kicked out of your corporate offices and... oh yes, all your significant foreign lines of credit no longer exist. On the other side, you have the Wicked Witch of the Pampas demanding ridiculous changes to increase production and profit revenues to fill the coffers of the CFK populist slush funds...
May 08th, 2012 - 10:37 am - Link - Report abuse 0I'd ask for 100 days also, while figuring out how to get the Chinese shoehorned into assisting the development of the shale fields. Say what you'll say, but Galuccio is smart and very politically savvy. This is all about smoke and mirrors with a sideshow of dust and feathers...
...Of course, I also hope the Spaniards sue the pants off any company investing in YPF... I only need a bucket of popcorn.
100 days doesn't seem that long. I assume it's so they can hold a “pre-drilling anything” party where the entertainment budget for the next 50 years gets pissed up the wall.
May 08th, 2012 - 10:37 am - Link - Report abuse 0After that they'll probably realise they are screwed and sell it to the Chinese.
In a way its harder than a startup as they have to deal with the mess the Spanish left behind
May 08th, 2012 - 10:40 am - Link - Report abuse 0#7 British_Kirchnerist
May 08th, 2012 - 11:30 am - Link - Report abuse 0Frankly, you literally kicked out the people in the know of your YPF corporate offices along with all your significant foreign lines of credit.
In the meantime, you have to pay a walloping premium from BP for LNG in .....cash! Ouch! Look up any article to learn about what it costs to develop a shale oil/gas field. Something like USD60 a barrel for the oil... ...Oh yes, you need the development money first, BEFORE you get the oil... ....and you seem to have lost your line of credit... ....ah, call Uncle Hugo, but wait, he's not in conditions to loan a few billions right now, well then I guess you have ... Uncle Mao. Of course, the Chinese might be with some pre-conditions...
Yes, yes, yes but where is the “dialogue” with the spanish over paying for YPF? As far as I know there hasn't been ANY payment to date.
May 08th, 2012 - 12:16 pm - Link - Report abuse 0Oh sure BK it is really tough when the price of your product is determind for you on an open market! Kind of solves the price setting aspect of any strategy doesn't it. Gosh you are as thick as Marcos today.
May 08th, 2012 - 12:19 pm - Link - Report abuse 0Waste of time, inefficiency and political meddling in one of Argentina's crown jewls. Hope this becomes as financially sucessful as the national airline.
Whatever U$ were on the balance sheets yesterday are gone today, replaced with P$ and bonds. Any kind of drilling equipment, field processing, consultants, etc. all need to be paid in U$. There isn't any, there is no way to get any and they have to re-create the last 20yrs worth of work.
May 08th, 2012 - 12:20 pm - Link - Report abuse 0BA will be cold and starving before the first drill bit reaches the ground.
what are P$ worth these days Yankeeboy - are they worth anything?
May 08th, 2012 - 12:25 pm - Link - Report abuse 0ARS 0.14 to the £ @ 30/4 spot rate.
May 08th, 2012 - 12:59 pm - Link - Report abuse 012. Depends on who you ask and how you got them but about 5.6/1U$. There will be a devaluation shortly people are saying next year but I think it will happening sooner than later.
May 08th, 2012 - 12:59 pm - Link - Report abuse 0Yankeeboy, Idlehands and others:
May 08th, 2012 - 02:33 pm - Link - Report abuse 0I need your advice. We have an offer from our travel agent here for a skiing vacation at Las Leñas, which is close to Mendoza. Because of speculation and currency controls we have the following options.
1. Pay for the package there with credit card and infuriate the Argentinians as they have to pay taxes on 100%. (No discount, but we are protected from getting screwed around by the tour operator.)
2. Pay for the package there in cash and get a 20% discount.
3. Pay for the package here and get a 35% discount (As they pay no taxes and they have the money in dollars outside Argentina.)
4. Bet that there is a major devaluation in the shorterm and end up effectively with a 75% discount...
This is the type of financial decisions we poor Chileans are suffering through right now. What shall we do? (Skiing in Chile for a week is over double the cost without the discount in Argentina.)
I feel sorry for this bloke as he is now the scape goat when it all goes tits up as it surely will.
May 08th, 2012 - 03:22 pm - Link - Report abuse 015 Chicureo (#)
May 08th, 2012 - 03:33 pm - Link - Report abuse 0May 08th, 2012 - 02:33 pm
What a dilemma? I would suggest option #3 in order to show “hermandad sudamericana” and thus build a bridge to one of my poor compatriots.
He needs the 100 days because HE needs to go and see for himself if what the Argies have got on the assets list for YPF is ACTUALLY there for a start.
May 08th, 2012 - 03:36 pm - Link - Report abuse 0He will not find any cash though, The Mad Bitch will have had that away.
Argentina The Outcast:
May 08th, 2012 - 03:37 pm - Link - Report abuse 0http://www.koreatimes.co.kr/www/news/opinon/2012/05/137_110558.html
Written by a former member of the Brazilian government and reproduced in Korea of all places.
Thanks Simon, my wife thinks we just wait for the currency to collapse. I'm going to tell the travel agent I want a 40% discount, or I'll take a gamble.
May 08th, 2012 - 04:00 pm - Link - Report abuse 0I think he missed off a nought. Three years would be a great achievement with no ability to borrow the necessary capital.
May 08th, 2012 - 04:50 pm - Link - Report abuse 0I wonder if their strategic plan will include paying the Tanker drivers? As of this week many had not been paid. It is worse than you think. They are owner drivers with payments to make on the trucks. They pay for the fuel they use and then submit an invoice and then in a couple of weeks they are reimbursed. How much do they use? $100000 pesos worth is common.
May 08th, 2012 - 04:55 pm - Link - Report abuse 0There wasn't a problem getting paid under Repsol. But The very first month under Christina....No money!
@22
May 08th, 2012 - 05:04 pm - Link - Report abuse 0she's probably already spent it, as everyone suspected she would propping up the economy that she fucked over.
Long live Kretina and her subsidies. 60% of Argentines depend on the hand outs from the Government in order to survive. YPF is another cash cow for the mad queen of Argentina.
May 08th, 2012 - 05:10 pm - Link - Report abuse 0@22 is that why the tanker drivers are going on strike?
May 08th, 2012 - 05:21 pm - Link - Report abuse 0@22 I'm sure most of us would wish the hard working honest Argentinian people the best Marcos.
May 08th, 2012 - 06:22 pm - Link - Report abuse 0It really isn't good news is it, and I'm sure there could have been a better way if the Argentinian Gov wanted to control oil/gas resources. The problem now is getting outside investment on favourable terms with the current administration in place and it doesn't help that Repsol hasn't been compensated to date.
Argentina will have the people but there doesn't seem to have been much of a business plan - a basic one is that you need money (quite a lot in this case with shale oil) to make money.
@Beef: “As this is a nationalised company then politics will become a variable.”
May 08th, 2012 - 07:07 pm - Link - Report abuse 0And when companies are not nationalised POLITICS are not a variable? Politics are in everything. Go on believing that the media is %100 trabsparent and independent, go on believing that the private sector doesn't do politics.
Aftet all REPSOL best partner now is Rajoy, and he doesn't seem to be very democratic, if he listened to the spanish people he'd realized that they don't want to defend Repsol because it never meant progress for them, but of course Rajoy cares nothing about people, same as Cameron, if they could they would shut twitter down).
“Waste of time, inefficiency and political meddling in one of Argentina's crown jewls. Hope this becomes as financially sucessful as the national airline.”
You are always hoping the worst for Argentina, showing yourself as a person full of hate, anger and soberb doesn't give me the idea you are very smart. The opposit in fact, a person that never understood that in every conflict there are always mashed-up interests. Your vision of the world and economy is very simple and plain.
You can only tall about EFFICIENCY as if it was the higest virtue of a company, proyect or government.
It is more important to ask: Efficiency for what? On what purposes??
Efficiency is what the stablishment and large corporations always tall about, because the PURPOSES are already decided. They don't want changes, same as conservative politicians. They want nothing to change, they want this anarco-capitalism out of control that we have today in the world to go on without changing anuthing.
They need people not thinking about Purposes.
And even if you still want to go on talking about efficiency, then tell me if the WORLD as it is today is efficient when the organization that hires the largest group of people is no private company, but the DEFENSE MINISTRY OF THE USA. The Pentagon uses public money all the time to support private sector 24/7
We need changes
I prefer to discuss Argentina with Julieta CHINCHILLA
May 08th, 2012 - 07:10 pm - Link - Report abuse 0not with the names like “ Chicureo ” s...!
@27
May 08th, 2012 - 07:56 pm - Link - Report abuse 0“if he listened to the spanish people he'd realized that they don't want to defend Repsol because it never meant progress for them”
what a load of made up bullshit. you fucking liar. you and your like pluck lies out of thin air as some sort of justification for your ludicrous posts.
you stupid wanker.
did La campora deliver your food parcels today BTW?
Poster #28 “Max” is actually La campora “Guzz”.
May 08th, 2012 - 08:13 pm - Link - Report abuse 0@30
May 08th, 2012 - 08:24 pm - Link - Report abuse 0Yes there has been an article published in an Argentine paper indicating that La Campora have multiple identities and are voting and tweeting en masses on anything and everything that they can find to prop up the RG govt and pursue their deadbeat non existent claim on the Falklands.
La Campora are tweeting at something like 6 per minute/second.
Utterly pathetic. As if it'll make any sort of difference to anyone? It means absolutely fuckall that they rig polls, take on the persona of 37 other posters etc. It just makes them look like pathetic fucking wankers.
La Campora are just Argtards who cannot get chicks because no one invites them to the pub. Then Maximo, spitting out cream buns, offers them a gun and a black shirt, and the chance to shoot people and blow up EU offices, and suddenly they have a purpose in life. However, they still get no chicks.
May 08th, 2012 - 08:37 pm - Link - Report abuse 0It's a bit sad really when you think about it. Ho di hum.
@32
May 08th, 2012 - 08:46 pm - Link - Report abuse 0Even sadder that they are paid for doing it and get food parcels sent to them daily to enable them to live.
Pathetic.
I worked at YPF for eight years.
May 09th, 2012 - 02:27 am - Link - Report abuse 0Everyone I know there routinely describe the company as “going down hill.”
Repsol was backing away from them for years for one reason. YPF is not a money maker.
Also, directors there also casually, if somberly, talked about their reserves running out in the second decade of the 21st century. You know, like, now!
In the end, Argentinians are screwed by their own retrograde nationalism.
In fact, their own retrograde - everything.
They are hypnotized deep inside their own Self- to - Self trance, and will stay there until they are done for. Which will be much sooner than later.
Can hardly wait. Good riddance. They will not be missed.
#8 I think you'll find Uncle Mao is dead. God willing Uncle Hugo will not be joining him any time soon
May 09th, 2012 - 01:08 pm - Link - Report abuse 035 Scottie_Kirchnerist
May 09th, 2012 - 03:37 pm - Link - Report abuse 0Well, that's two out of three things you have gotten wrong:
1) there is no God (or Allah for your islamist mate in Bradford);
2) Chavez will be dead before the end of the year, the fates willing!
Keep trying, you MIGHT get something right one day: but I wouldn't hold your breath.
Shit not another 5 year plan, where have I heard that term before?
May 09th, 2012 - 05:09 pm - Link - Report abuse 0Commenting for this story is now closed.
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