BUENOS AIRES (Reuters) – Argentina’s state-controlled energy company YPF will need to invest $7 billion a year to boost flagging natural gas and oil output by more than a quarter by 2017, the new chief executive said on Tuesday.
Center-left President Cristina Fernandez seized control of YPF (YPFD.BA: Quote, Profile, Research, Stock Buzz)(YPF.N: Quote, Profile, Research, Stock Buzz) from Repsol (REP.MC: Quote, Profile, Research, Stock Buzz) in April, accusing the Spanish oil major of investing too little and making the country increasingly reliant on pricey imports.
BUENOS AIRES (Reuters) – Argentina energy company YPF (YPFD.BA: Quote, Profile, Research, Stock Buzz) needs to invest $7 billion a year to boost flagging natural gas and oil output by more than 25 percent in five years, officials at the renationalized company said on Tuesday.
Center-left President Cristina Fernandez seized control of YPF from Repsol (REP.MC: Quote, Profile, Research, Stock Buzz) in April and blamed the Spanish oil major for years of inadequate investment that made the country increasingly reliant on pricey imports.
BUENOS AIRES (Reuters) – Two months before Argentina’s president seized control of the country’s biggest oil firm from Repsol (REP.MC: Quote, Profile, Research, Stock Buzz), the Spanish company said it would cost $25 billion a year to develop a world-class shale find in Patagonia.
It is money Argentina does not have and could struggle to get its hands on without deep-pocketed partners prepared to tolerate President Cristina Fernandez’s increasingly volatile and unorthodox policies.
BUENOS AIRES, April 17 (Reuters) – Argentine President
Cristina Fernandez is a sharp-tongued widow bent on honoring her
late husband’s political legacy by boosting state control over
the economy – even if that means making enemies along the way.
Defying warnings from Spain and the European Union, the
center-left leader unveiled a plan on Monday to take control of
energy company YPF from Spain’s Repsol.
MALARGUE, Argentina, March 29 (Reuters) – Argentina’s
biggest energy company, YPF, has found unconventional shale oil
and natural gas in Mendoza province, confirming the extension of
the massive Vaca Muerta area, officials said on Thursday.
YPF, which is controlled by Spain’s Repsol
, said exploration at the Payun Oeste and Valle del Rio
Grande blocks pointed to an estimated 1 billion barrels of oil
equivalent (boe) in unconventional oil and gas in Mendoza.
BUENOS AIRES, March 13 (Reuters) – Argentina’s YPF
looked set to lose two concessions on Wednesday,
equivalent to 7 percent of its national output, after the
country’s biggest oil-producing province said the energy firm
had failed to meet an ultimatum on investment plans.
YPF, controlled by Spain’s Repsol, has become
embroiled in increasingly heated disputes with authorities amid
pressure to raise output as Argentina’s fast-growing economy
spurs energy demand and costly fuel imports eat into the
nation’s cherished trade surplus.
MONTEVIDEO (Reuters) – Presidents of the Mercosur trade bloc on Tuesday agreed to individually raise tariffs on imports to shield their industries from a flood of cheaper imported goods stemming from the global economic crisis.
At a meeting in Uruguay’s capital, full members Argentina, Brazil, Paraguay and Uruguay said the plan to hike duties aims to protect industries from what Brazilian President Dilma Rousseff called “an avalanche of predatory imports that jeopardize growth and employment.”
BUENOS AIRES, Nov 7 (Reuters) – Argentina’s biggest energy
firm YPF said on Monday it had found nearly a billion
barrels in unconventional energy resources in Patagonia, more
than double the country’s annual oil consumption.
The find at YPF’s Loma La Lata property in Neuquen province
could eventually help put the brakes on falling oil production
in Latin America’s No. 3 economy, where energy demand is rising
due to strong economic growth.
BUENOS AIRES (Reuters) – Alfredo Astiz, Argentina’s infamous “Blond Angel of Death,” and 11 other death squad members from the 1970s were jailed for life on Wednesday in one of the country’s biggest human rights cases.
Astiz, nicknamed for his cherubic looks, stood trial with other former officials accused of horrific crimes at the ESMA Naval Mechanics School, where about 5,000 dissidents were held and tortured during the 1976-1983 “Dirty War” dictatorship. Few of the captives survived.
ZARATE, Argentina, Sept 28 (Reuters) – Argentina launched
on Wednesday the final start-up phase for the country’s third
nuclear plant, as it expands its reliance on nuclear power just
as Europe starts to shy away from this technology.
Construction on the Atucha II plant began in the early
1980s but it was disrupted for years, partly due to safety
concerns raised by accidents such as the 1986 Chernobyl