MercoPress. South Atlantic News Agency
YPF confident it has partners to develop shale assets: Chevron and Bridas
Argentine nationalized oil company YPF is in advanced discussions with potential partners on the development of its shale assets, the company's chief executive said. YPF could complete a deal with Bridas Energy Holdings Ltd. before the end of the year, while an agreement with US oil major Chevron Corp. will likely close in the first quarter of 2013, he said, adding that the deals would likely be similar in size. Read full article
Comments
Disclaimer & comment rules8 months later.....stolen YPF has NO partners, NO investment,
Dec 10th, 2012 - 11:36 am - Link - Report abuse 0NO chance...............
In London? ..........No chance!!!!!!!!!!!
Dec 10th, 2012 - 12:08 pm - Link - Report abuse 0Seriously, if Chevron is foolish enough to invest in YPF, then they deserve everything they are going to get. You have Repsol after them and the seizure of Chevron’s assets in IN Argentina, (relative to the Eucador case.) What more do they want? How stupid are they? I suggest that once YPF has what they want , they will ditch Chevron like a stray dog.
Dec 10th, 2012 - 12:14 pm - Link - Report abuse 0Chevron is in a tight spot, I think they will play along until the Ecuadorian embargo of their funds is released.
Dec 10th, 2012 - 12:19 pm - Link - Report abuse 0It is blackmail pure and simple.
I am sure US gov't will start to up the pressure on Arg.
This might get really nasty....and Arg will lose...spectacularly
Are we expecting to hear something with regard to the Chevron asset siezure?
Dec 10th, 2012 - 12:44 pm - Link - Report abuse 0Here is a good investment article on the Chevron issues (not just in Argentina)
http://seekingalpha.com/article/1027121-chevron-a-dividend-champion-in-trouble-what-is-the-impact-of-the-ecuadorian-judgment
”It is also important to consider the political and economic ramifications should the plaintiffs be successful in having the judgment enforced in Argentina. Chevron would be prevented from proceeding with its partnership with the Argentine state controlled oil company YPF (YPF), to develop the shale oil and gas fields of the Vaca Muerta. Without this development, Argentina's status as a net energy producer will be threatened, placing constraints on the country's economic growth and threatening a balance of payments crisis. It is also highly likely that Chevron would withdraw from Argentina in such circumstances.
This would also be a significant blow for Argentina and the government of President Christina Fernandez de Kirchner, which needs considerable investment in YPF, and technical assistance, if it is to access the energy reserves of the Vaca Muerta and avert a balance of payments crisis. It would also undermine the rationale behind the government's expropriation of YPF from its Spanish parent Repsol (REPYY.PK) in April of this year. Another significant impact would be further damage to Argentina's already tarnished reputation among investors and companies considering investing there. It would also certainly make other international oil majors reluctant to invest in Argentina, effectively cutting the country off from much needed capital and the technical expertise required to grow its energy industry.”
I'm pretty sure that there is a Unasur directive that constituent countries should not deal with Chevron.
Dec 10th, 2012 - 01:22 pm - Link - Report abuse 0This followed the Brasilian offshore oil seepage case with Chevron rather than the Ecuadorian state/Texaco contaminations.
By the way,
has everybody forgot that shale oil extraction and usage is incredibly polluting,
not least via carbon emissions.
Is the world pretending the problem has gone away?
This is the real ELEPHANT in the room.
@6 “has everybody forgot that shale oil extraction and usage is incredibly polluting,
Dec 10th, 2012 - 02:08 pm - Link - Report abuse 0not least via carbon emissions.Is the world pretending the problem has gone away?”
Yes, everyone has conveniently forgotten this and brushed it under the table.
@7
Dec 10th, 2012 - 02:11 pm - Link - Report abuse 0The Americans don't give a darn about their environment, they have one of the most polluted environments and cancerigenic populations on the planet. Many of the original ecosystems of the USA are destroyed. They also have defaced their mountains with open-pit mining all over... they have massive acid rain amounts, they are home to the world's largest sea garbage dump (Pacific Garbage Patch), their Gulf of Mexico is all mucked with tarballs, and now they are fracking their entire agricultural heartland...
Many countries are considering stopping purchases of US wheat, corn, soy, beef, because they are grown in exactly the areas they are fracking away and no doubt the bursting of those shales under the farmland will bring cancer-ridden toxins to the plantlife above... this is especially true in the USA because they don't depend on rains as much as Argentina... they depend on underground acquifers. They would be polluted or destroyed by these activities.
I would never eat any food made in the USA... and remember they get e-coli out breaks daily!
@8 Your statement isn't entirely true. While there are factory farms that produce massive amounts of questionable beef, there are places like Northern California that produce organic produce that rivals anything produced here in Argentina. The issue in the U.S. is the willingness for the agricultural sector to produce anything the public is stupid enough to consume, namely a type of GM sweet corn used to make corn syrup.
Dec 10th, 2012 - 02:55 pm - Link - Report abuse 0By the way, the e-coli is caused by feeding the cows grains that are too heavy on their digestive systems. The e-coli can be reduced by returning to a diet of grass.
At the very least, it's not as horrible as some of the hideous birth defects caused by the use of toxic pesticides here in Argentina. Did you see that special about children with life threatening disabilities because of that? The rural poor that deal with that get the cold shoulder from this government that supposedly helps those kinds of people. Also, you might want to look up some sources on carbon emissions per capita by country. The emissions standards on vehicles here are low, and you know that. See what you can dig up.
No,
Dec 10th, 2012 - 03:47 pm - Link - Report abuse 0ourTroll #8 is VERY wrong,
and is calculatedly so.
The USA EPA regulations are rigerously pursued within the USA - especially when a non-USA company is involved.
Some metal ore tailings need much more follow-through,
but, in general terms, USA env. prot. is amongst the best in the world
.... and STREETS AHEAD of anything to be found in any country in Central and South America.
.... as well this troll knows.
I'm surprised at Galuccio falling into the trap of announcing an investor before they sign on the dotted line, this just goes on happening!!!!!
Dec 10th, 2012 - 04:07 pm - Link - Report abuse 0I suppose that the idea is for the government to bring pressure on the judge who ordered the embargoe on Chevron's assets. In the new atmosphere of judiciary heroism it is quite likely that such pressure will not work and if that is the case Chevron will have to leave Argentina, who will lose the chance of US investment!!!!!
The Bridas deal will happen, as well as Chevron. As I said earlier, the full support of the US Government will be behind Chevron to make sure it happens. The US courts will do all they can not to damamge a US Company the size of Chevron. Once this happens, the Norwegians will likely jump on board the bandwgon. As for Repsol, they know that they will be paid so they will demand for more than the company they left behind is worth. There is a lot of rhetoric on their part. They are lucky they still have a piece of the action. YPF has already announced that an agreement with Repsol will be reached.
Dec 10th, 2012 - 04:52 pm - Link - Report abuse 0YPF WILL develop the oil fields in Argentina.
@12 For the amount of capital necessary for that venture, Argentina isn't managing it very well. Have you looked at YPF's stocks? Have you seen the decline in company value? There's not enough evidence to suggest whether the whole episode with Ecuador will sour the deal or not.
Dec 10th, 2012 - 05:13 pm - Link - Report abuse 0The botox queen has already shown a willingness to push Chevron over a cliff for Ecuador, and possibly even forcefully take what they invest. Let's see how this plays out. Your certainty seems like it's backed by something that's not evidence. Like I said, too soon to tell.
Think what you want. Too big for little things to get in the way. The full might of the US government is behind this. It will happen.
Dec 10th, 2012 - 05:16 pm - Link - Report abuse 014. You have no idea what you are talking about or how MY gov't works.
Dec 10th, 2012 - 05:19 pm - Link - Report abuse 0Please go scurry back to whatever filthy slum you are from...
The might of the US government is an illusion. They are broke, on life support only thanks to China, haven't passed a budget in half a decade, and have to begin cutting trillions left and right just to break even.
Dec 10th, 2012 - 05:33 pm - Link - Report abuse 0We are in the beginning of the post-American age... an exiting time indeed.
Toby, You are a fool. The USA will be the richest most powerful nation in the world at least until you and your children are dead.
Dec 10th, 2012 - 06:27 pm - Link - Report abuse 0Look how long it took Argentina to go from 1st World to broke, and we are much richer and much much more powerful than you ever were.
Plus we innovate and feed the world. We take a little bit of $ out of every country in the world every second of the day and that isn't going to change anytime soon.
First, one would have to agree the USA is 1st world... many socio-economic figures clearly indicate you are not.
Dec 10th, 2012 - 06:32 pm - Link - Report abuse 02nd, there is a major disadvantage to being “large”: you are far more likely to break-up, which speeds up the effect of decline by dividing the assets. I have no doubts that by 2040-2050 several of your states will have become independent.
Third, assuming you were right... you are tacitly accepting the direction is down. And what matters for self-esteem is the TRAJECTORY. hahaha... Declivity USA!
All the way!
#15 yankeeboy “14. You have no idea what you are talking about or how my gov't works.”
Dec 10th, 2012 - 06:55 pm - Link - Report abuse 0Sorry to dissapoint you, I know exactly how our Govt. works. I live here and worked in it. Whenit comes to oil, it has a week spot.
@19 nostril anus / Sussie telling porkies again, US navy wasn't it, I pay my taxes, born and bred American, .............what a crock of shite, you know nothing, listen to the real Americans on here they speak the truth not something that just emerges in your tiny mind
Dec 10th, 2012 - 07:13 pm - Link - Report abuse 019. You are too stupid to have worked in the USA. You can't even spell.
Dec 10th, 2012 - 07:16 pm - Link - Report abuse 018. For arguments sake I assumed your premise of our demise, I don't agree with it. I can't argue with an idiot who has never left his filthy backward province.
I see that CFK wants the unions to accept a 10-15% decrease in yoy purchasing power. I doubt that will go over well.
I went to an Rg restaurant in PR last week they didn't have 3/4 of the RG wine on it's menu in stock. The waiter said they aren't buying it any longer! How many people in the wine industry have been laid off since we denied the trade preferences? 16000 I think.
Wheat is a bit short this year, do you like Barley bread? I hope so.
Time will tell on this one, I strongly suspect (and not in any way an expert opinion) Chevron’s interest is purely tactical vis a vi Ecuador’s claims against it in Argentina.
Dec 10th, 2012 - 07:36 pm - Link - Report abuse 0There are two tests for YPF here, 1) Get the necessary investment for dead cow.
2) Increase current domestic production and cut the import bill.
The first could still run on for quite some time, and indeed may not happen in the foreseeable future. This is the reality, too big to die completely, probably still too risky for anyone to get involved with now, given the sums involved.
A lot more money than Repsol are currently trying to get back, with little if any real hope of success.
The second will become more and more apparent as next year goes on. We will quite quickly see how good this administration is at running an oil company on a day to day basis.
22. There is no reason to dump money into the rat hole of Argentina until CFK is gone. The o/g isn't going anywhere, technology will get better and cheaper the longer they wait.
Dec 10th, 2012 - 08:13 pm - Link - Report abuse 0Chevron will do the minimum necessary to get the funds released then bail on the whole country. Watch and see.
Obviously positive direction of events causing some heartburnand diahrrea to some participants here. Good fortunes Argentina. keep the good news coming.
Dec 11th, 2012 - 12:24 am - Link - Report abuse 0JuanGabriel (#5)
Dec 11th, 2012 - 02:13 pm - Link - Report abuse 0'something with regard to the Chevron asset siezure'
seekingalpha.com/article/1027121-chevron-a-dividend-champion-in-trouble-what-is-the-impact-of-the-ecuadorian-judgment
A brilliantly researched and written article.
Powerfully recommend it to all Mercopress readers.
The Inter-American Convention on Execution of Preventive Measures is flexing its muscles to go head to head with the multi-nationals, to take over multinational assets across many nations in redress for actions - real or imagined - elsewhere.
In certain South American nations this is 'biting the hand that feeds it', and shows that the balance between the nation state and the agencies that it uses to win its resources is neither well comprehended nor well managed.
@24
Dec 16th, 2012 - 12:43 am - Link - Report abuse 0“Good fortunes Argentina. keep the good news coming.”
You need some good news as you're going to get very bad news after the referendum in the Falkland Islands.
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