Miguel Galuccio confirmed he will be resigning as Argentina's YPF CEO and said he will guarantee an “ordered transition” ahead of the appointment of his successor. In a statement released on Wednesday, Galuccio said he will remain in his position until the upcoming Ordinary Shareholders Assembly takes place. He is expected to leave the state-run company after April 30.
Argentina's state-controlled energy company YPF will cut capital expenditure by at least 20-25% this year to mitigate the impact of the global oil price rout — leading to growing concerns among union leaders, who claim up to 2,000 workers would be laid off because of the company’s decision.
Argentina's supreme court has ordered state-controlled YPF to publicly release all clauses of a 2013 contract with Chevron to develop shale oil in the country's vast Vaca Muerta formation. In a 3-1 ruling, the justices sided with opposition Socialist Senator Hector Ruben Giustiniani, ruling that the state's 51% stake in the firm effectively makes it a public company subject to transparency laws.
Argentine energy company YPF CEO Miguel Galuccio is scheduled to sign on Wednesday in Moscow a contract on joint exploitation of shale oil and gas in the rich Vaca Muerta fields of Patagonian province Neuquén. The contract is part of the bilateral agenda to be addressed by visiting Argentine president Cristina Fernandez on Thursday, when she meets with Vladimir Putin.
Argentine state majority owned petroleum company YPF has secured funds worth around 500 million dollars on the international finance market after issuing new bond titles, according to the president of the enterprise.
The construction of the Nestor Kirchner and Jorge Cepernic dams in Santa Cruz, Patagonia is finally set to begin now that China has deposited the first 287.7 million dollars tranche of funding for the massive 4.71 billion project, Argentine President Cristina Fernández announced before leaving for a state visit to China.
Argentine state-controlled energy company YPF said it signed a memorandum of understanding Wednesday with China's Sinopec pertaining to the eventual development of conventional and non-conventional oil and gas projects in Patagonia.
YPF's oil and natural gas production rose in 2014 for the second year running, Argentina's state-run energy company said on Thursday. Oil production rose 8.7% last year, while gas output was up 12.5%, YPF said, although the company did not publish annual output volume.
The CEO of the state-owned oil company YPF Miguel Galuccio has assured that 2014 “was an exceptional year” in terms of growth and investment. He pointed out that every goal for the year had been achieved.
The slump in global oil prices will reduce Argentina's energy import bill by several billion dollars, a development that could ease pressure on the Central Bank’s strained foreign-currency reserves, according to Economy minister Axel Kicillof.