President Energy (AIM: PPC), the oil and gas exploration and production company provides the following update on Argentina operations and revised loan agreements (the “Loan Restructuring”). Highlights President has now engaged drilling contractors for a 2016 three horizontal well programme due to commence by end July. Objective of the drilling campaign is to increase sustainable… Continue Reading »
Argentina’s new government has agreed to cut the price of locally produced oil by 12 percent to $67.5 per barrel, which is still higher than global crude prices, local media said on Tuesday. Argentina sets the price that refineries pay for crude as a way of bolstering the local oil production industry. Global benchmark Brent… Continue Reading »
Argentina’s Supreme Court on Tuesday ordered the state-controlled energy firm YPF to fully disclose its contract with Chevron Corp amid allegations of secret clauses in the agreement. Chevron in 2013 signed a deal to explore the barely tapped Vaca Muerta shale formation, an accord that marked the largest foreign investment in Argentina’s energy sector since… Continue Reading »
Oil at $77? It is in Argentina. Oil has plummeted below $39 a barrel in the U.S. But despite the price bloodbath in global energy markets, it fetches nearly twice that amount in Argentina — home to some of the most expensive crude in the world. Even as prices plunged anew Monday, sending world benchmarks… Continue Reading »
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… Continue Reading »
Argentina’s state oil company YPF, Pan American Energy and Wintershall will invest $38 billion over 35 years 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 oil… Continue Reading »
Argentina ended some financial incentives on Monday that were intended to boost energy investment in its huge shale oil and gas deposits even as it seeks to narrow an energy trade gap. The government announcement in its official gazette comes as Argentina seeks to develop its its vast, but barely tapped, Vaca Muerta shale deposits,… Continue Reading »
The Argentine government said on Monday that ERIELL, an oilfield service group majority owned by Russia’s Gazprombank, had declared its intention to establish drilling operations in the South American country this year. Argentina sits atop some of the world’s biggest shale oil and gas resources but years of under-investment in the energy sector have made… Continue Reading »
Russia and Argentina signed documents deepening energy cooperation on Thursday, underlining Moscow’s drive to develop ties with South America since coming under Western sanctions over the Ukraine crisis. At a ceremony in the Kremlin, Russian President Vladimir Putin and Argentine President Cristina Fernandez hailed the agreements as opening a new stage in relations as well… Continue Reading »
Argentina said it would begin legal action on Thursday against British energy firms operating near the Falkland Islands, in a growing war of words over the disputed South Atlantic territory. The move is the latest diplomatic spat between Britain and Argentina, who fought a short war over the Falklands in 1982, and has led to… Continue Reading »
