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Argentina should be self-sufficient in energy in five/six years says YPF

Monday, March 18th 2013 - 21:13 UTC
Full article 26 comments

Argentina’s energy self-sufficiency can be expected in five to six years said Miguel Galuccio, CEO of YPF, the oil and gas corporation which was nationalized a year ago when the government of President Cristina Fernandez seized a 51% majority from Spain’s Repsol. Read full article

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  • ElaineB

    There are a LOT of 'ifs' in that statement.

    I wonder where most of that $5 billion will disappear to? In 5 to 6 years the K's and the money will be gone.

    Mar 18th, 2013 - 09:27 pm - Link - Report abuse 0
  • LEPRecon

    Isn't this the same man who didn't realise that drilling equipment was very expensive to buy, hire and maintain?

    So now he's saying that Argentina is going to go from being an importer of fuel to being completely self-sufficient in 5-6 years? Well the Pope maybe Argentine, but even he couldn't pull of a miracle like that.

    Argentina doesn't invest in it's future, various people steal the investment money at each level of bureaucracy until the money vanishes into thin air.

    This is just another 'bold' statement by a CFK flunky to try and divert attention away from the god-awful mess they've made by 'nationalising' (aka stealing) YPF from Repsol.

    Mar 18th, 2013 - 09:35 pm - Link - Report abuse 0
  • Anglotino

    5/6 years to reclaim what it once had?

    I love predictions that are just a little too far in the future to be verified for several years.

    Mar 18th, 2013 - 09:39 pm - Link - Report abuse 0
  • yankeeboy

    I seriously think there is something in the water that makes these Rgs delusional.

    They have not drilled one, NOT ONE, well into the shale. NOT ONE! It is 2x as think and has 2x more pressure than the ones in the USA!!

    PLUS who is going to drill it without getting counter-sued by Reposl?

    and did he mention anything about refineries? Those take YEARS TO BUILD. YEARS!!

    They just lie like it is the truth and expect people to believe it.

    It is flabbergasting!

    Mar 18th, 2013 - 09:49 pm - Link - Report abuse 0
  • briton

    Argentina may not exist in 5 or six years time,
    in the same state as it is in now,
    it could well be 3 or 4 different countries,
    And CFK not in charge of any of them.

    Mar 18th, 2013 - 10:04 pm - Link - Report abuse 0
  • Pirate Love

    “Argentina SHOULD be self-sufficient in energy in five/six years says YPF”

    Yay! dynamos for all bicycles............
    Peso burning power stations.......
    Hydro dam to hold back argentine tears.....

    and yet they will still want development aid.......spongers!

    Mar 18th, 2013 - 10:11 pm - Link - Report abuse 0
  • Ayayay

    @4. Good analysis as usual, Yankee. These fibs are North Korea sized.

    Mar 18th, 2013 - 10:22 pm - Link - Report abuse 0
  • agent999

    Argentina Oil and Gas Market Analysis and Forecasts in New Research Report at RnRMarketResearch

    http://www.prweb.com/releases/argentina-oil-and-gas/-market-analysis-forecast/prweb10277593.htm

    Mar 18th, 2013 - 11:32 pm - Link - Report abuse 0
  • nigelpwsmith

    As Yankeeboy shows, these statements are just hot air to delude the foolish. Argentina cannot develop these fields without investment & no-one in their right mind will invest in them & then get sued by Repsol.

    As Elaine points out, Kretina will be long gone with the money by the time these statements are supposed to be fulfilled. Indeed, Kretina won't be the only one to go. Half the country will leave if the economic crisis gets any worse, to avoid the crime, poverty & lack of jobs.

    I wonder how many Mercosur countries will accept these refugees when they start pouring across the borders to live in tented cities? Not many, because they will blame it all on the TMBOA.

    Mar 19th, 2013 - 12:22 am - Link - Report abuse 0
  • t_t_talbert

    Comment removed by the editor.

    Mar 19th, 2013 - 01:14 am - Link - Report abuse 0
  • ynsere

    Do I get it right? In five or six years' time Argentina is going to be back where it was ten years ago? By any chance, is anybody doing anything wrong?

    Mar 19th, 2013 - 01:24 am - Link - Report abuse 0
  • Anglotino

    @11 ynsere

    Yes that is correct!

    This is what passes as advancement and progress under the current Argentine government.

    Mar 19th, 2013 - 01:56 am - Link - Report abuse 0
  • Paragon

    @1 @4 and@9
    You've said it all really nothing more to add
    No doubt some Troll will contest this but then again they don't live in the real world let alone Argentina lol

    Mar 19th, 2013 - 03:53 am - Link - Report abuse 0
  • Stevie

    All I see are some butthurt Brits, some for not being able to cope with argentinas progress, others for more mundane reasons.

    Mar 19th, 2013 - 07:19 am - Link - Report abuse 0
  • mastershakejb

    progress? what progress

    Mar 19th, 2013 - 07:47 am - Link - Report abuse 0
  • Xect

    Then you need to look harder Stevie as it seems you are missing the point and by a huge margin.

    If you want to believe in those words feel free but a smart man would question such a wild claim.

    Mar 19th, 2013 - 08:50 am - Link - Report abuse 0
  • nigelpwsmith

    How could Stevie ever assume that Argentina is making progress, when the IMF considers them a basket case who are falsifying their inflation figures to ensure that they have a continued supply of loans to renege on?!

    Maybe he has a hidden agenda?

    Maybe he has a screw loose?!

    Maybe he should seek psychiatric help as soon as possible?! He's one sandwich short of a picnic, one can short of a six-pack, the lights are on but no-one's home, not all his rails lead to the junction!

    Mar 19th, 2013 - 09:42 am - Link - Report abuse 0
  • Optimus_Princeps

    Apologies to the delusional moron, but my gas bill says otherwise.

    Also “should” is a modal verb for the expectation of that which is proper and expedient. Thought the K's wouldn't grasp that concept if it hit them in the face.

    Mar 19th, 2013 - 11:17 am - Link - Report abuse 0
  • Anbar

    “All I see are some butthurt Brits, some for not being able to cope with argentinas progress, others for more mundane reasons.”

    wtf has this got to do with Britain?

    christ almighty can some of you indoctrinated Argentines not accept anything at all that is the result of your own actions?

    You Stevie are one of the ones responsible for 'butthurting' your own people and your own country... its got frak-all to do with anybody else. Britain didnt tell CFK to seize a foreign company, ruin the economy or scare-off foreign investment. You did that Stevie, you and everybody else like you who.

    Stop blaming the rest of the world for your own problems.

    You're going backwards because your politics never got over Peron and its crippled your country ever since.

    You did it to yourselves.

    Mar 19th, 2013 - 04:01 pm - Link - Report abuse 0
  • Vuggevise

    Pigs will fly before Argentina is self-sufficient in energy.

    Mar 19th, 2013 - 06:21 pm - Link - Report abuse 0
  • briton

    the sooner she goes, the better for argentina .

    Mar 19th, 2013 - 07:47 pm - Link - Report abuse 0
  • ChrisR

    CEO Miguel Galuccio, the 'expert' in the oil industry touted by TMBOA to 'save' YPF has at last realised what he has taken on and how little money he has to work with.

    That is why he has placed lax time limits on self-sufficiency, he will be gone well before this little lot comes back to bite him.

    Mar 19th, 2013 - 08:59 pm - Link - Report abuse 0
  • nigelpwsmith

    It was pointed out on one of the other boards that Argentina had tended a contract to supply on the open market for oil/gas and were offering about 6 or 7 times the price paid in the United States.

    If this is true, then the end must be sooner than we think. If they are unable to purchase these contracts through lack of $US dollars, then the country will grind to a halt.

    It seems that the stories that YPF had increased production were more falsified data (like the official Argentine inflation rate) to fool everyone into thinking that the Argentine nationalisation had actually improved the situation, when in fact, production has catastrophically failed. It won't be long before they are unable to keep the power stations in operation or long queues build at Gas stations.

    Mar 19th, 2013 - 10:13 pm - Link - Report abuse 0
  • Captain Poppy

    And to follow up this bright spot of a news article.....the USA will have a balanced budget by the next presidential elections !!!

    lololololol

    Mar 24th, 2013 - 02:17 pm - Link - Report abuse 0
  • ChrisR

    24 Captain Poppy

    Now I really thought you were too good to fall for that one.

    We in the UK call it 'jam tomorrow'.

    Trouble is we never seemed to get anything other than bare bread irrespective of who was in charge except for Lady Thatcher.

    Mar 24th, 2013 - 03:44 pm - Link - Report abuse 0
  • Captain Poppy

    Not at all as I hardly ever think my budget will ever be balanced......lol. Unfortunately for my friends and extended family, it may well be a very cold winter at times.

    Mar 24th, 2013 - 05:25 pm - Link - Report abuse 0

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