Argentina's YPF agreed on Wednesday to pay 852 million dollars for all of Apache operations and assets in the country, making the government managed company the largest operator of natural gas.
Argentina oil company YPF is courting Malaysia's Petronas as a possible partner to develop the promising Vaca Muerta shale, according to reports. YPF chief executive Miguel Galuccio was in Kuala Lumpur for a meeting on Wednesday with Petronas leader Tan Sri Dato Shamsul Azhar Abbas, the La Nacion newspaper reported.
Germany's Wintershall signed on Tuesday a farm-in contract with the Argentine Patagonia province of Neuquén to explore Vaca Muerta’s shale gas and oil field. Under the terms of the joint-venture agreement Wintershall together with Gas & Petroleo de Neuquen will explore and develop the Aguada Federal block and are committed to invest 80 million Euros.
The Argentine unit of Brazilian state-controlled oil giant Petrobras said on Monday that it discovered unconventional petroleum in Argentina’s Vaca Muerta formation. The well is part of the Rincon de Aranda concession in Neuquen province, operated by Petrobras Argentina in a 55%/45% partnership with French oil major Total.
Mexico's government owned oil company Pemex is getting closer to an understanding with YPF after playing a crucial role in brokering a deal between Argentina and Spain regarding the April 2012 seizure from Repsol of a majority stake in YPF. Pemex apparently is interested in having a share at the Vaca Muerta oil and gas shale deposits in Patagonian Neuquén.
Spanish oil group Repsol's board Wednesday backed a draft multi-billion-dollar compensation deal over Argentina's 2012 seizure of the company's YPF subsidiary. The deal seeks to repair the financial hit taken by Repsol when Argentina's President Cristina Fernandez in April 2012 ordered the seizure of Repsol's 51-percent stake in YPF.
Argentina's Merval benchmark stock index climbed 3% on Tuesday to finish at a record high of 5,696.2 points, following a strong hike in YPF and Edenor stocks. YPF shares soared 11%, while electricity distributor Edenor saw prices close 19% up at the end of trading.
United States sided with Spain's Repsol position in the dispute over the seizure of a majority stake in YPF by the administration of Argentine President Cristina Fernandez last year, a dispute which remains unresolved over compensation for the assets.
A New York Times piece published on Thursday regarding the agreement between Argentine nationalized oil and gas company YPF with California based Chevron has triggered a strong controversy in Argentina because of an alleged secret clause in the commercial document.
One day after the Argentine government extended the deadline to legalize undeclared cash, energy company Bridas International gave new life to the BAADE energy bonds, the most relegated portion of the whitewash scheme, by saying it would snap up 500 million dollars of the paper.