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Repsol/YPF 'marriage' definitively over; Spanish company ends 15-year presence in Argentina

Friday, May 9th 2014 - 07:01 UTC
Full article 34 comments

Spanish oil major Repsol signed a definitive settlement agreement Thursday with Argentine President Cristina Fernandez's administration, which transferred more than 5 billion dollars in bonds as compensation for the 2012 seizure of Repsol's controlling stake in energy firm YPF. Read full article


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  • CabezaDura2

    Repsol wants to get rid of these bonds as fast as it can…

    Well YPF seems to be following the direction of Aerolineas Argentinas, the only way they can maintain these companies is by transforming them into huge monstrous monopolies and they end up failing to do so in the end anyway.

    Out of money

    It’s not really that YPF is increasing production and profits; well it is but because the other companies are moving out and YPF is free to set fees on fuel internally as Repsol was not allowed to do so plus Bulgheroni is scared that Cerro Dragon might be nationalized and taken over by YPF.

    The national government and Galuccio don’t want the Provinces setting their own public provincial companies, license fields and set their own provincial legislation on Oil and Gas.

    What is new here is that all the provinces that want a fair use of their recourses are of Kirchnerist allegiance already; Santa Cruz, Neuquén, Chubut (AKA Chew butt) and Mendoza and have being benefited by the national treasury during the last decade with soybean export taxes.

    May 09th, 2014 - 10:43 am - Link - Report abuse 0
  • GeoffWard2

    Good and useful comments, Cabeza.

    May 09th, 2014 - 11:32 am - Link - Report abuse 0
  • yankeeboy

    Methinks the new output numbers from YPF now include the output from the newly acquired fields from Apache Petrobras etc.
    It looks like an increase but is it really?
    I don't think they've slowed down on any fuel imports.
    BCRA balance would confirm that.
    Peso going up again and 100s of MM U$ flying out trying to support it
    Something is really wrong, this should not be happening this time of year.

    May 09th, 2014 - 11:45 am - Link - Report abuse 0
  • Welsh Wizard

    @3 $170m yesterday if i'm not mistaken. Makes you wonder what they are going to have to do once the soy money dries also creeping up little by little. Doesn't make sense as the economy should be swamped in US$ at the moment...

    May 09th, 2014 - 12:20 pm - Link - Report abuse 0
  • ChrisR

    @ 1 CabezaDura2

    Good response, but I must complain about the use of my copyright:

    “El Think aka The Lunatic of Chew Butt © ChrisR 2013”

    Ha, ha, :o)

    May 09th, 2014 - 12:48 pm - Link - Report abuse 0
  • CabezaDura2

    Well you can go saying goodbye to The Lunatic of Chew Butt © ChrisR 2013...

    We will never see him nor many others again in any Argentine economy and political related article. He won’t come back at least till 2015 and he will be probably dead by then, like real dead I mean. Don't even expect a formal apology for voting and promoting the KK apocalypse adn populist policies for years and years.

    He will take refuge here for the rest of his days in the endless status-quo topic, and go on and on forever about his Norwegian great grandmother that farted on an island in the middle of nowhere in 1852.

    Rip Mr Lunatic of Chew Butt

    May 09th, 2014 - 03:34 pm - Link - Report abuse 0
  • reality check

    What is about people who have an abundance of a natural resource, in this case oil! And do not have the slightest idea how to exploit it!

    Can anyone explain it in words of one syllable, because frankly I am at a loss to understand how you could possibly, possibly, ferk it up!!!!!!!!!!!!!!!!!!!!

    May 09th, 2014 - 07:00 pm - Link - Report abuse 0
  • ChrisR

    6 CabezaDura2

    I do hope and trust that your predictions come true, especially the DEAD one!


    May 09th, 2014 - 07:05 pm - Link - Report abuse 0
  • reality check

    Not ferkin hard is it?

    I know where it is, so to this uneducated economic mind, three questions need answering.

    How do we get it out?
    How do we transport it?
    How do we export it?

    Three basic problems, solve them, the rest will follow.

    Mmmm! In the land that I grew up in, they called that, COMMON FERKIN SENSE!

    May 09th, 2014 - 07:35 pm - Link - Report abuse 0
  • Think

    Well... well... well...

    YPF's shares up some 10% on this news...

    Some 1,000 yards down from the “Vaca Muerta” formation we have the ~100 times richer “Los Molles” formation...

    Local, provincial, regional and national “interest groups” already hard at work to prevent the usual “pioladas”, “avivadas” and “negociados” of the Oil industry and to promote the orderly development of them newly nationalized riches for the Argentinean Common Good & Wealth ;-)

    A nice weekend to all of them...
    El Think, Chubut, Patagonia Argentina.

    May 09th, 2014 - 08:10 pm - Link - Report abuse 0
  • reality check

    Oh go away think, YPF has not made any profit at all. It's all a big con to show that the appropriation was right.

    Your sitting on billions and yor grasping for pennies!

    Your embarrassing yourself!!

    May 09th, 2014 - 08:25 pm - Link - Report abuse 0
  • Falkland Islands

    maybe if it makes money, it might stop Argentina trying to rob our oil here in the British Falkland Islands, after all that is one of the main reasons for wanting the Falklands.

    May 09th, 2014 - 11:04 pm - Link - Report abuse 0
  • reality check

    Nah! They want your island because it is there.

    Not going to happen though.

    May 09th, 2014 - 11:12 pm - Link - Report abuse 0
  • yankeeboy

    10. I guess the recent YPF begging oh wait I mean investment presentation trip to Houston was a failure.
    If there was even a hint of interest stupid CFK would have put out a PR.
    So yeah failure
    I told you 2 months ago if you didn't see a massive interest in Arg exploration you won't see if for a generation.
    4 more mos to go.

    May 10th, 2014 - 02:18 pm - Link - Report abuse 0
  • El Diego

    Good riddance - 15 years of underinvestment and plundering of Argentinas assets. It is no coincidence thatthe oil and gas industry is now booming in Argentina with a state controlled YPF at the helm and taking full advantage of the biggest and highest quality shale gas reserves on the plant - now is the time to invest just as the worlds biggest oil companies are doing. We make a fortune from our Argentinian contracts with Shell, Exxon andChevron but hey listen to the morons on this site and it's all gloom and doom - Hahahahaha laughing my ass off all the way to the bank!!!

    May 10th, 2014 - 02:59 pm - Link - Report abuse 0
  • CabezaDura2

    @10 Ahhh so there you are. I knew you would pop out. Trying to keeping it real for a while longer??


    So Dany Berger what is it you say you do?? You have investments in the O/g sector or you sell equipment to YPF and the other companies.

    Ohhh and the same guys that ware plundering Argentina's assets are still in power and still getting licenses in fields having no assets no capital nor know how, like Manzano. The provinces have handed him whith juicy contracts out of nothing at all.

    May 10th, 2014 - 03:23 pm - Link - Report abuse 0
  • yankeeboy

    15. There is no indication it is booming.
    None at all
    All indications point to abject failure and unprofitability.
    If it was a profitable venture there would be international exploration companies but by my count more o/g companies are pulling out of Argentina than are going there.
    Sheesh, If you can't get u$ out of Houston you can't get money anywhere.

    May 10th, 2014 - 07:02 pm - Link - Report abuse 0
  • Pugol-H

    @15 El Diego
    According to the last article on this web site about it, oil and gas production overall are falling, although it claimed that YPF output of both was increasing.

    So far, no more than a few billion USD have been promised for investment in dead horse.

    You need in excess of 25B USD, before you start to see a return.

    If this is your idea of booming, I’d hate to see bust.

    May 10th, 2014 - 07:03 pm - Link - Report abuse 0
  • El Diego

    Now is a great time to invest in Argentina as the drilling boom has much more to go and we are only at the beginning of a long growth period after years of stagnation with Repsol. It started about 2 years ago and the really smart guys got in then just when all the newspapers and posters here we're saying stay out . The best investments are always like that as the media and moron followers are always behind the facts on the ground just like now. Yesterday we met with the Shell executive team who asked us to prepare for a 20 fold increase in drilling rigs and that's not counting the others

    Now our investments are paid back many times and we are still many years from the peak - tonight we will dine in River Oaks country club in Houston before heading to the theatre for the Evita concert and then tomorrow it's over to the Polo club for a chukka or two and signing some new deals for drilling equipment before we take the jet back to Buenos Aires. Life is good thanks to the boom in Argentina

    May 10th, 2014 - 08:48 pm - Link - Report abuse 0
  • ChrisR

    @ 19 El Diego

    More like the dope you are taking.

    FFS get back to reality, you are fooling no-one but yourself.

    May 10th, 2014 - 09:27 pm - Link - Report abuse 0
  • yankeeboy

    19. Does your nose grow as you type?

    How sad your life must be.

    May 10th, 2014 - 09:29 pm - Link - Report abuse 0
  • aussiesunshinee

    when are these Spanish multinationals going to learn once and for all NOT TO INVEST IN HISPANIC AMERICA!! UMMMMM

    May 11th, 2014 - 12:59 am - Link - Report abuse 0
  • El Diego

    My dope is called REALITY mi amigo - go to Neuquen and see for yourself the Argentinian drilling boom of 2014 in full swing......we can have dinner together after I show you around all the rigs we are working on and you will learn how my life is beautiful (and yours could be to) and getting better everyday as my bank account just grows and grows thanks to the returns on our Argentine investments -

    May 11th, 2014 - 01:37 am - Link - Report abuse 0
  • yankeeboy

    Tell us Diego, what kind of rigs are you buying? And how is this oil profitable when it costs 3x more to drill in Argentina than in the USA?
    By everyones count they've only managed to pump 20K barrels a day so far. So how can anyone be making any profit?
    Do oil companies often drill unprofitable wells?
    Silly little liar.

    May 11th, 2014 - 10:53 am - Link - Report abuse 0
  • CabezaDura2

    There is indicators of a property bubble in Neuquen though

    It looks like the 1848 Californian Gold Rush fever... And can end up being a ghost town.

    The business is buying land cheap before the gold rush commences and then sell it x50 times its value before the bubble explodes.

    So technically you can make easy money down south as Diego says, but not in the way he says.

    May 11th, 2014 - 12:41 pm - Link - Report abuse 0
  • El Diego

    Correct Yankee - another brilliant insight into Argentina oil and gas economics from you - yes we make 3 time more profit in Argentina than businesses in the USA because of the demand for our services due to the boom in activity and a lack of competition. It's the perfect time to invest - the returns are huge.

    May 11th, 2014 - 12:41 pm - Link - Report abuse 0
  • CabezaDura2


    My point exactly proven in the same minute....When you lie try not to confuse adjacent business to the o/g sector with investments in the o/g sector. Those are two different things

    May 11th, 2014 - 12:48 pm - Link - Report abuse 0
  • El Diego

    Real estate prices are going through the roof because of demand from oil companies and service companies because of the boom - now is a great time to buy some land in Neuquen and rent it out

    Another major multi billion USD international investment will be announced soon - more and more business in Argentina! The boom has years to go !

    May 11th, 2014 - 12:55 pm - Link - Report abuse 0
  • yankeeboy

    So wait, you get 3x more for your oil in Argentina than the rest of the world pays?
    Wow I guess it is profitable then

    Or do you have that ratio backward?


    May 11th, 2014 - 01:51 pm - Link - Report abuse 0
  • Pugol-H

    @ 28 El Diego
    Well best you go buy some quick.

    I seem to remember all this “polo club” sh*t, once before on here.

    It does beg the question, with all that money to be made and life being so beautiful and all, why come here to be laughed at by Anglos?

    I would have thought an oil exec, jetting about the place, would have better things to do.

    May 11th, 2014 - 02:00 pm - Link - Report abuse 0
  • El Diego

    Ah the polo thing.....yes that's my pastimes when I am not making a fortune in the booming real estate and oil and gas markets in Argentina

    Neuquen reminds me of Brazil 15 years ago when I made my first investments in Macae real estate - a small oil town outside of Rio. We sold recently and made a huge return on those......I do recall at the time all the usual ill informed naysayers like here regarding Argentina and that is always the best time to invest. If the morons on this site were suggesting to invest in Argentina it would be a huge sell signal. Thank you my Anglo moron muppets for making me rich with your “economic insights” in Latin America - hahahahahah LMFHO all the way to the bank

    Need to go the first chukka starts in 20 mins in the Houston Polo club. Jetting back to BA with a new round of investment tonight!

    Hug and kisses to you all

    May 11th, 2014 - 03:16 pm - Link - Report abuse 0
  • yankeeboy

    31. Miss this one did ya?

    So wait, you get 3x more for your oil in Argentina than the rest of the world pays?
    Wow I guess it is profitable then

    Or do you have that ratio backward?


    May 11th, 2014 - 03:27 pm - Link - Report abuse 0
  • CabezaDura2

    El Diego cant make up his mind of in which way he persuits his lies.

    I dont understand what he does, firts he says sells equipment, then he sais he invests in o/g industry but he doesnt specify in which field nor give any other details, now he says he is into real estate. He just makes it up as he goes.

    May 11th, 2014 - 03:53 pm - Link - Report abuse 0
  • yankeeboy

    He started posting about Houston after I mentioned the recent YPF begging trip was an utter failure.
    Of course that was directed to Think
    You do the math.

    I think he forgot that he was in BA a few minutes earlier on another post.
    tee hee

    May 11th, 2014 - 04:29 pm - Link - Report abuse 0

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