MercoPress. South Atlantic News Agency
Gas prices must increase to sustain strong investment levels, says YPF Galuccio
Argentina's YPF oil and gas state corporation CEO Miguel Galuccio pointed out that the increase in gas prices is needed in order to sustain “strong investment levels” for the company and revealed that the cost of drilling a well in the country's massive oil field in Vaca Muerta has fallen below 7 million dollars. Read full article
Comments
Disclaimer & comment rulesArgentine + Investors = rip off!
Sep 15th, 2014 - 06:03 am - Link - Report abuse 0now cfk must come out of her silly house full of lies and incompetence and take part in a normal economical way of life. therefor she should fire her so called economic minister.
Sep 15th, 2014 - 06:42 am - Link - Report abuse 0Otherwise her best friend goes bankrupt due to lack of international investors.
”I know the importance that legal and fiscal stability has for them (investors), clear rules and transparency. But confidence is generated not only by rules, but by complying with them,” he told the paper.
As always it is the poorest Argentines that must pay the bill.
Sep 15th, 2014 - 08:34 am - Link - Report abuse 031,000 barrels, is that an hour,day,month or a year, that my friends is a drop in the ocean, even Premier Oil ( an independant oil company ) working in the FALKLANDS produces 69,000 barrels a day around the world. At least that is twice the amount YPF produce.Don't boast about it just get on and produce more year by year. Looking forward to the 2nd drilling campaign in 2nd quarter 2105.
Sep 15th, 2014 - 09:02 am - Link - Report abuse 0'adding that an investment-friendly framework was necessary.'
Sep 15th, 2014 - 09:44 am - Link - Report abuse 0Oh... dream on Diego....
“But confidence is generated not only by rules, but by complying with them,” he told the paper.
Sep 15th, 2014 - 10:05 am - Link - Report abuse 0Argentina is seeking international investors to help it develop Vaca Muerta in Patagonia, potentially one of the planet's largest reserves of shale oil and natural gas.”
Yes it is quite obvious we see how Argentina complies with rules and law. How many judgments awarded against them? How many arbitrations rules against them and they have yet to pay any.....and they want foreign investors because they comply with rules and laws?
When nthey do not like the ruling the call it political. For some strange reason they thing a judge's role it to make things equal. When one breaks the law there is no way to apply the law equally to the perpetrator.....period.
clear rules and transparency - not much chance of that at moment in Argentina.
Sep 15th, 2014 - 10:06 am - Link - Report abuse 0”I know the importance that legal and fiscal stability has for them (investors), clear rules and transparency. But confidence is generated not only by rules, but by complying with them,”
One of the good outcomes from the YPF purchase is that they are forced to increase the gas prices to world levels. Before the gov't had an incentive to keep YPF profitable they wouldn't allow the gas companies to do that. They didn't care if they bankrupted them or not.
Sep 15th, 2014 - 10:44 am - Link - Report abuse 0This was pretty much how each of their nationalization have gone and I think I mentioned this when the stole YPF. Bankrupt whatever company they want to take through laws and regulation, steal company, raise rates.
Tried and true methods for these thugs with the power of laws behind them.
There will be no development of the shale at Vaca muerta from outside oil companies until Goofy and the gang, or the next clown shop that takes over, agree that imports of specialized oilfield equipment can be imported and that companies are free to take out their earnings as they please. Oil companies are in business for one reason and one reason only. TO MAKE MONEY.
Sep 15th, 2014 - 11:08 am - Link - Report abuse 0IS any other company producing gas in TDC?
Sep 15th, 2014 - 11:38 am - Link - Report abuse 0So who are the competitors that the Shlumberg Reject keeps harping on about?
It looks very like only YPF are drilling at the moment and at 7M USD a pop that won't get to the 31,000 well coverage of the country that they want.
10. There are a number of operators in Arg. Most of them are not drilling wildcat wells they are mostly in some sort of farm out or re-drilling old wells.
Sep 15th, 2014 - 12:17 pm - Link - Report abuse 0YPF is only drilling 16 at a time. Not nearly enough and I don't see that changing anytime in the near future.
Luckily with the swift slowdown in Mfg their replacement rate has fallen so they don't have to import as much.
Kinda good news depending on how you are looking at it I guess.
:)
Commenting for this story is now closed.
If you have a Facebook account, become a fan and comment on our Facebook Page!