Shell Restarts Operations in Vaca Muerta Block
Oil company Royal Dutch Shell Plc said on Tuesday it had resumed activities at its Bajada de Añelo block in Argentina's Vaca Muerta area after seismic activity in the region led to a halt late last week."Shell Argentina resumed its activities on Pad 22 of the Bajada de Añelo block, after determining that the conditions for a safe and sustainable return to work were guaranteed," the company said in a statement.The oil firm said on Saturday it had suspended
Argentina's Energy Chief Quits
Argentina's energy secretary resigned on Friday, the government said in a statement, less than 24 hours after news leaked that the administration of President Mauricio Macri plans to increase electricity prices by an average 35 percent next year.Higher power bills are sure to be unpopular as they would hit families already struggling with 47 percent inflation and a shrinking…
YPF to Spend Billions to Boost Oil and Gas Output
Argentina's state-controlled oil company, YPF, will significantly boost oil and gas production, investing between $4 billion and $5 billion per year through 2022, Chief Executive Daniel Gonzalez told Reuters on Friday.It plans to raise production by between 5 percent and 7 percent per year, with the largest increase in the Vaca Muerta formation, one of the world's largest…
Sinopec to Sell Argentina Oil Assets for up to $600 Mln
China's Sinopec has decided to sell its oil assets in Argentina for $500 million to $600 million to Mexican company Vista Oil & Gas, a source with knowledge of the deal told Reuters on Tuesday. Sinopec informed Vista Oil & Gas of its decision on Monday, according to the source, who asked not to be named because the deal was confidential. Sinopec also told competing bidders…
Argentina Cuts Tariffs on Used Oil Equipment Imports
Argentina's government published a decree on Thursday eliminating or reducing tariffs on imports of used equipment for oil and natural gas companies, a measure long sought by the industry, but it included requirements to buy some locally produced goods. The new rules would go into effect on Friday and apply through June 2019, according to a resolution published in the Official Gazette.
YPF Posts $15 Mln Q2 Profit
Argentine state-run oil firm YPF SA posted second-quarter profit of 272 million pesos ($15.36 million dollars) on Tuesday, compard with a loss of 753 million pesos a year earlier. ($1 = 17.7 pesos) (Reporting by Caroline Stauffer and Eliana Raszewski; Editing by Diane Craft)
Total, BP Unit, YPF Invest $1.15 Bln in Argentina
Argentina's state-run oil firm YPF SA, France's Total, Wintershall Energía SA and BP unit Pan American Energy LLC announced on Tuesday a $1.15 billion joint investment to increase shale gas production. (Reporting by Eliana Raszewski; Writing by Caroline Stauffer and Luc Cohen; Editing by Jonathan Oatis)
Argentine O&G Workers to Strike Over YPF Layoffs
Some 23,000 Argentine oil and gas workers will go on a 48-hour strike beginning on Monday to protest state-owned oil company YPF SA's decision to lay off at least 1,600 workers, a union leader said on Friday. The strike involves workers in southern Argentina's Vaca Muerta shale play, one of the largest unconventional reserves in the world and a region that has attracted investment from Chevron Corp and Exxon Mobil Corp but remains largely unexplored.
Petrobras Argentina Extends Concession in Vaca Muerta
Petrobras Argentina said it has an agreement to extend a shale gas concession for 35 years in the South American country's Vaca Muerta region. According to a securities filing on Thursday, the plan would include a five-year pilot project to develop so-called tight gas by drilling 24 wells. Omar Gutiérrez, governor of Neuquén province, said on Wednesday Petrobras would…
Argentina's O&G Output Up in July
Argentina's oil output rose 1.4 percent and natural gas production was up 1.8 percent in July on the year, thanks to rising output from state energy company YPF, the energy secretariat said. Overall oil production was 2.62 million cubic meters in July, the secretariat said on its website. YPF's output alone rose 4.5 percent from a year earlier to 1.12 million cubic meters. Argentina produced 3.637 billion cubic meters of gas in July, the secretariat said.
YPF Says Starts Normalizing Shale Oil Production
Argentina's state-run energy firm YPF said it started normalizing oil and natural gas production in part of energy-producing province Neuquen on Friday after output was paralyzed earlier in the week by indigenous people protesting land rights. "A team of 34 technicians were able to enter the Loma La Lata field to check production installations, evaluate potential damage caused by the shutdown and normalize operations," YPF said in a statement.
Argentine Oil Output Up 0.7% in June, Natural Gas Up 3.1%
Argentine oil production crept 0.7 percent higher in June versus the same month last year, despite a fall in international crude prices, while the country's natural gas output grew 3.1 percent, a statement from the energy secretariat said on Monday. June oil production was 2.55 million cubic meters, boosted by an increase in output from state-controlled energy company YPF, the statement said.
Argentina Cuts Shale Drilling Costs
Argentina needs $200 billion in investment to develop its vast but barely tapped shale fields, but no joint ventures were expected soon because of low oil prices and uncertainty ahead of a presidential election, state oil company YPF said on Thursday. YPF, nationalized in 2013, is improving drilling efficiency and developing its Vaca Muerta shale formation in Patagonia so that international companies will invest once prices recover…
Argentine Shale Fields to Get New Investment
Argentina's state oil company YPF, Pan American Energy and Wintershall will invest $38 billion in the country's vast but mostly untapped Vaca Muerta shale formation, the governor of Vaca Muerta's home province of Neuquen said on Wednesday. The companies will use the new concessions to develop the Lindero Atravesado and Bandurrias fields, Governor Jorge Sapag said. (Reporting by Eliana Raszewski)
YPF reports higher than expected net profit
Argentina's state-controlled energy company YPF posted a first-quarter net profit of 2.109 billion pesos ($239 million) on Thursday, beating market expectations. The consensus forecast in a Reuters poll of economists was for profit of 1.5 billion pesos in the January to March period. ($1=8.8225 Argentine pesos at the end of March) (Reporting by Sarah Marsh and Eliana Raszewski; Editing by Peter Galloway)
YPF Sells $1.5b of Bonds at 8.5%
Argentina's state energy company YPF on Thursday sold $1.5 billion worth of new 10-year bonds at 8.5 percent, the company said in a statement. Reuters' IFR had reported the issue was launched at 8.625 percent, down from price talk of 8.75 percent. (Reporting by Eliana Raszewski; Writing by Sarah Marsh; Editing by Cynthia Osterman)
YPF Triples Planned Bond Sale to $1.5b
Argentina's state energy company YPF has expanded its planned bond sale to $1.5 billion from $500 million, the company said on Thursday in a letter to local market regulators. Results of the 10-year debt sale are expected to be announced later on Thursday. Reuters' IFR reported the issue was launched at 8.625 percent, down from price talk of 8.75 percent. "There was a lot of demand…
Argentina to Ink Energy Deal Memorandum with Gazprom
Argentine state oil company YPF is close to signing a memorandum of understanding for Russia's Gazprom to make energy investments in the South American country, sources familiar with the situation said on Tuesday. The memorandum is to be signed in Moscow this week during a visit from President Cristina Fernandez and YPF chief Miguel Galuccio, according to two Buenos Aires-based sources who asked not to be named and provided no details of the planned deal.
Argentine February Natgas Output Rises, Oil Extends Losses
Argentine natural gas production rose in February versus the same month last year, but output of crude oil extended 2014 losses into the first two months of 2015, the country's energy secretariat said on Monday. Natural gas output rose 1.2 percent in February to 3.23 million cubic meters while crude production fell 2.1 percent to 2.35 million cubic meters, the secretariat said in a statement.
Argentina: 2014 O&G Output Fell Despite YPF Increase
Argentine oil output fell 1.4 percent last year versus 2013 to 30.88 million cubic meters while the country's natural gas production edged 0.5 percent lower to 41.48 billion cubic meters, according to data provided by the Energy Secretariat. A fall in production by private companies during 2014 outweighed increases reported by state-controlled YPF, the country's top energy company, according to data provided on the secretariat's web page.