fetching latest news
News tagged in:
Creditors of Argentina’s state-run oil company, YPF SA, sending mixed signals as one group of bondholders rejected company’s latest debt restructuring plan while another voiced support. The YPF Ad Hoc Bondholder Group, which says it holds 45% of YPF’s bond, it wouldn’t tender its bonds in the company’s $6.2billion debt swap, said Clifford Chance LLP, one of group’s legal advisers.
Wintershall DEA and ConocoPhillips have signed a Sales and Purchase Agreement. Both the companies will together develop the Aguada Federal and Bandurria Norte blocks in the central Argentine. The term of the agreement includes that Wintershall Dea should continue as operator of the licenses. Also, Conoco will get 45% interest share in the Aguada Federal block as a part of the transaction.
In Argentina’s first offshore licensing round, Norwegian energy major, Equinor won big with the award of seven exploration blocks in the bidding. While on four blocks Equinor secured 100% operatorship, it will partner with YPF and Total on the remaining three blocks. The bidding round which had 38 offshore blocks on offer was the first open bid round for Argentinian offshore acreage in almost three decades.
Along with its unit and an affiliate Qatar Petroleum, energy major Exxon Mobil has won three exploration blocks offshore Argentina. The company has informed that the three blocks will add approximately 2.6 million net acres to its Argentina's existing holdings. In June, Qatar Petroleum signed an agreement with Exxon to buy 30% stakes in two of Exxon's affiliates in Argentina.
South American nation, Argentina will start its first-ever LNG exports in 2019. Gas will be exported from the Vaca Muerta shale play. Belgian energy shipping giant, Exmar will position its floating LNG unit (FLNG) to the Port of Bahía Blanca according to a 10-year deal with Argentina’s energy firm YPF. Argentina will now join the club of global LNG exporting nations.
Argentina is suffering from recession second time in three years. Sources informed that YPF SA, which is state-run energy producer of Argentina has decided to shut some of its gas wells. The government backed production and hence, the company invested heavily in shale gas. But now, with the suffering economic condition, YPF finds the need to cut back the supply. Argentinian economy is predicted to stumble further by 1.6 %.
Citing absence of Chevron’s assets in the country, Argentina’s appeals court has dismissed the Ecuadorian ruling against Chevron. The case dates back to 2011 when Chevron was accused of polluting the Amazon region due to crude oil production, and the Lago Agrio court in Ecuador fined Chevron with a $9.5b compensation fee. The judgment of Argentina’s court will dismiss the enforcement of Ecuadorian judgment against Chevron Argentina.
An official at the Energy Ministry of Argentina has revealed that the government is planning to permit fuel retailers to set pump prices at will, from August. Experts are viewing this move as an encouragement towards a desperately needed investment in the nation’s oil patch. However, sky-high inflation and angering consumers might be the price President Macri’s government have to pay to shoulder this decision.
Latin American explorer, Geopark, in partnership with Argentine-YPF SA, has acquired Los Parlamentos Block in the Neuquen basin of Argentina. The acquired block covers an area of approximately 366,000 acres (1,480 sq. km) with seismic coverage (100 sq km of 3D and 800 sq km of 2D seismic), near other producing fields. The block was awarded to YPF in the Mendoza bidding round on May 31, 2018.
State-owned Qatar Petroleum has signed an agreement with Exxon Mobil to become a 30% equity holder in ExxonMobil Exploration Argentina SRL and Mobil Argentina SA. The companies hold rights with other partners for seven blocks under unconventional exploration licenses with active drilling plans. This is, notably, Qatar Petroleum’s first investment in Argentina, and first ever international investment in unconventional resources.
Drilling of first exploration well in a four-well campaign in the Echo Energy plc’s Fracción C asset, onshore Argentina has commenced. The Company will update shareholders with progress on both the exploration drilling program and extended testing as the program advances.