- 04 Apr 2012 15:40
#13931705
Now it's official: the argentine officials went crazy.
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Argentina Targets Petrobras After Revoking YPF Licenses
http://www.businessweek.com/news/2012-04-04/argentina-targets-petrobras-after-revoking-ypf-licenses
By Matt Craze on April 04, 2012 Tweet Facebook LinkedIn Google Plus 0 Comments
Petroleo Brasileiro SA (PETR4), Brazil’s state-controlled crude producer, had an oil concession revoked by Argentina’s Neuquen province as the country broadens a dispute over investments to include foreign oil companies.
Petrobras, as the company is known, failed to invest in the Veta Escondida field, currently not in operation, the government of Neuquen said yesterday in a statement on its website. The province will continue to evaluate reclaiming fields where output has fallen through lack of investment and said it will seek investors to develop fields where licenses were revoked.
Argentine rival YPF SA (YPFD) has lost 12 licenses in five Argentine provinces since March 14 after President Cristina Fernandez de Kirchner’s government demanded higher investment to curb declines in output and rising fuel imports. The company’s Manantiales Behr field, which produced about 10 percent of Buenos Aires-based YPF’s oil last year, is among four more licenses the Patagonian province of Chubut plans to revoke.
Petrobras fell 1 percent to 22.32 reais at 10:10 a.m. in Sao Paulo. YPF fell 16 percent in Buenos Aires trading yesterday, to 123.7 pesos, after Chubut province said that it will revoke the company’s most productive concession.
Petrobras’s Argentine assets are its biggest overseas, according to the company’s 2010 annual report. Petrobras produces most of its oil from its Puesto Hernandez in Neuquen province, the Medanito oil field in La Pampa province and El Tordillo in Chubut province.
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Argentina Targets Petrobras After Revoking YPF Licenses
http://www.businessweek.com/news/2012-04-04/argentina-targets-petrobras-after-revoking-ypf-licenses
By Matt Craze on April 04, 2012 Tweet Facebook LinkedIn Google Plus 0 Comments
Petroleo Brasileiro SA (PETR4), Brazil’s state-controlled crude producer, had an oil concession revoked by Argentina’s Neuquen province as the country broadens a dispute over investments to include foreign oil companies.
Petrobras, as the company is known, failed to invest in the Veta Escondida field, currently not in operation, the government of Neuquen said yesterday in a statement on its website. The province will continue to evaluate reclaiming fields where output has fallen through lack of investment and said it will seek investors to develop fields where licenses were revoked.
Argentine rival YPF SA (YPFD) has lost 12 licenses in five Argentine provinces since March 14 after President Cristina Fernandez de Kirchner’s government demanded higher investment to curb declines in output and rising fuel imports. The company’s Manantiales Behr field, which produced about 10 percent of Buenos Aires-based YPF’s oil last year, is among four more licenses the Patagonian province of Chubut plans to revoke.
Petrobras fell 1 percent to 22.32 reais at 10:10 a.m. in Sao Paulo. YPF fell 16 percent in Buenos Aires trading yesterday, to 123.7 pesos, after Chubut province said that it will revoke the company’s most productive concession.
Petrobras’s Argentine assets are its biggest overseas, according to the company’s 2010 annual report. Petrobras produces most of its oil from its Puesto Hernandez in Neuquen province, the Medanito oil field in La Pampa province and El Tordillo in Chubut province.
stat crux dum volvitur orbis