• 1 day PDVSA Booted From Caribbean Terminal Over Unpaid Bills
  • 1 day Russia Warns Ukraine Against Recovering Oil Off The Coast Of Crimea
  • 1 day Syrian Rebels Relinquish Control Of Major Gas Field
  • 1 day Schlumberger Warns Of Moderating Investment In North America
  • 1 day Oil Prices Set For Weekly Loss As Profit Taking Trumps Mideast Tensions
  • 1 day Energy Regulators Look To Guard Grid From Cyberattacks
  • 1 day Mexico Says OPEC Has Not Approached It For Deal Extension
  • 2 days New Video Game Targets Oil Infrastructure
  • 2 days Shell Restarts Bonny Light Exports
  • 2 days Russia’s Rosneft To Take Majority In Kurdish Oil Pipeline
  • 2 days Iraq Struggles To Replace Damaged Kirkuk Equipment As Output Falls
  • 2 days British Utility Companies Brace For Major Reforms
  • 2 days Montenegro A ‘Sweet Spot’ Of Untapped Oil, Gas In The Adriatic
  • 2 days Rosneft CEO: Rising U.S. Shale A Downside Risk To Oil Prices
  • 2 days Brazil Could Invite More Bids For Unsold Pre-Salt Oil Blocks
  • 2 days OPEC/Non-OPEC Seek Consensus On Deal Before Nov Summit
  • 3 days London Stock Exchange Boss Defends Push To Win Aramco IPO
  • 3 days Rosneft Signs $400M Deal With Kurdistan
  • 3 days Kinder Morgan Warns About Trans Mountain Delays
  • 3 days India, China, U.S., Complain Of Venezuelan Crude Oil Quality Issues
  • 3 days Kurdish Kirkuk-Ceyhan Crude Oil Flows Plunge To 225,000 Bpd
  • 3 days Russia, Saudis Team Up To Boost Fracking Tech
  • 4 days Conflicting News Spurs Doubt On Aramco IPO
  • 4 days Exxon Starts Production At New Refinery In Texas
  • 4 days Iraq Asks BP To Redevelop Kirkuk Oil Fields
  • 4 days Oil Prices Rise After U.S. API Reports Strong Crude Inventory Draw
  • 4 days Oil Gains Spur Growth In Canada’s Oil Cities
  • 4 days China To Take 5% Of Rosneft’s Output In New Deal
  • 4 days UAE Oil Giant Seeks Partnership For Possible IPO
  • 5 days Planting Trees Could Cut Emissions As Much As Quitting Oil
  • 5 days VW Fails To Secure Critical Commodity For EVs
  • 5 days Enbridge Pipeline Expansion Finally Approved
  • 5 days Iraqi Forces Seize Control Of North Oil Co Fields In Kirkuk
  • 5 days OPEC Oil Deal Compliance Falls To 86%
  • 5 days U.S. Oil Production To Increase in November As Rig Count Falls
  • 5 days Gazprom Neft Unhappy With OPEC-Russia Production Cut Deal
  • 5 days Disputed Venezuelan Vote Could Lead To More Sanctions, Clashes
  • 6 days EU Urges U.S. Congress To Protect Iran Nuclear Deal
  • 6 days Oil Rig Explosion In Louisiana Leaves 7 Injured, 1 Still Missing
  • 6 days Aramco Says No Plans To Shelve IPO
Can India Overtake China In The EV Revolution?

Can India Overtake China In The EV Revolution?

India wants to drastically increase…

James Burgess

James Burgess

James Burgess studied Business Management at the University of Nottingham. He has worked in property development, chartered surveying, marketing, law, and accounts. He has also…

More Info

Argentina Seize YPF from Repsol as they look to Control Domestic Oil Sector

Argentina Seize YPF from Repsol as they look to Control Domestic Oil Sector

Back in 1999 the Spanish conglomerate Repsol SA completed a takeover of the Argentine energy firm YPF to form one of the largest petrochemical companies in the world. Repsol are now promising to use all legal means possible and necessary to win full compensation after Argentina seized YPF in order to run it as a state owned organisation.

Repsol chairman Antonio Brufau says that he will demand $10.5 billion after Argentine president Cristina Fernandez de Kirchner deliberately deceived investors, executives, and her own people when she expropriated the company and declared that all of her countries hydrocarbons were a sector of public interest and therefore to be nationalised.

Fernandez also said that she was taking YPF following Repsols insufficient investment in new oil production which has caused them to increase imports. Maybe she has a point there, but she is undoubtedly going to find it more difficult to attract investors now, following this hostile move against former partner Repsol.

Brufau has suggested that the president has not been truthful with her reasons, and he believes that “Vaca Muerta is behind this, without a doubt.”

Vaca Muerta is the largest shale field in South America, estimated to hold 23 billion barrels of oil equivalent, which was discovered by Repsol back in February. Since the announcement of the discovery the Argentine government has turned against the Spanish owned Repsol, whom they didn’t want to benefit from the huge find. Brufau also stated that he had read many articles in the local Argentine press stating that the find “has to belong to the state instead of being in private hands.”

Since the takeover Fernandez has replaced YPF CEO Sebastian Eskenazi with her Planning Minister Julio de Vido, and is currently pushing for a bill in Argentina’s Congress to take a 51 percent stake in the company, releasing the other 49 to the nation’s provinces.

The conflict has moved from being between Argentina and Repsol, to a national quarrel between Spain and Argentina. The Spanish Industry Minister Jose Manuel Soria has promised to retaliate, and although he will not give specific details just yet, he stated that “the consequences will be in the areas of diplomacy, trade, industry and energy.”

Brufau said that just before the seizure took place Repsol actually received several offers in the region of $15 billion and $18 billion for its stake in YPF. He now plans to use these documents as evidence of the value of the stake in court hearings.

The President of the European Commission, Jose Barroso, said, “I am seriously disappointed by yesterday’s announcement. We expect the Argentine authorities to uphold their international commitments and obligations, in particular those resulting from a bilateral agreement on investments with Spain.”

By. James Burgess of Oilprice.com



Join the discussion | Back to homepage

Leave a comment
  • Angel on April 18 2012 said:
    This will end like the Falkland Islands 1982 war, following Argentina's invasion of the islands. At the end, the two-month-long undeclared Falklands War resulted in the withdrawal of Argentine forces (defeat). Viva España!
  • Marcelo on April 18 2012 said:
    With Congress approval, government will take 51% from Grupo Repsol´s stake (has 57%).
    Province govs will take 49% over 51%.
    Nation Gov 26%, Grupo Petersen 25%, Provinces 25%, Other Investors 18% and Grupo Repsol 6%.

Leave a comment

Oilprice - The No. 1 Source for Oil & Energy News