Re: YPFD YPF S.A.
Publicado: Mié Jun 05, 2013 3:41 pm
Ya se que todos sabían, pero recién publicaron esta nota en Marketwatch
Chevron wide open to invest in massive Argentine shale fields
June 5, 2013, 2:36 PM
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By Claudia Assis
Argentina’s Supreme Court has lifted a freeze on Chevron Corp. assets in the country, opening the way for Chevron to invest $1.5 billion to develop a vast oil and gas shale formation in west-central Argentina.
The freeze was a side effect of Chevron’s decades-long legal wrangling with indigenous groups in Ecuador.
The champagne must be flowing in Chevron’s legal department, as it scored a second victory over a legal thorn-in-the-side. Earlier this year, Chevron resolved litigation in Brazil involving a small oil spill. Production at the field, Frade, has resumed.
At the request of the Ecuadorian plaintiffs, an Argentine judge in November ordered Chevron bank accounts in Argentina to be held in escrow, seeking to enforce a $19 billion award against Chevron in Ecuador.
Chevron is accused of being responsible for environmental damages in Ecuador’s Amazon caused by Texaco. Chevron, which bought Texaco in 2001, contends Texaco cleaned up its share of environmental impact from oil drilling and production years ago in Ecuador’s jungle.
Chevron has never operated in Ecuador and held no assets there, and the plaintiffs had filed similar requests in Brazil and Canada. Chevron has long denied the accusations in Ecuador and has called the judgment fraudulent.
Chevron and Argentina’s YPF had signed a letter of intent to develop Vaca Muerta — “dead cow” in English — late last year, but the freeze had put the project in limbo.
A consultant hired by YPF said last year Vaca Muerta holds nearly 23 million barrels of oil equivalent in reserves. The area covers 7.4 million acres, with YPF holding rights for more than 3 million acres.
Initial results have shown the area to be 70% oil — more lucrative.
YPF has its own convoluted story, however. Argentina seized 51% of the company from Spain’s Repsol SA ES:REP -1.90% last year, with Vaca Muerta a bargaining chip in the wrangling among the state and Repsol
Chevron wide open to invest in massive Argentine shale fields
June 5, 2013, 2:36 PM
.
By Claudia Assis
Argentina’s Supreme Court has lifted a freeze on Chevron Corp. assets in the country, opening the way for Chevron to invest $1.5 billion to develop a vast oil and gas shale formation in west-central Argentina.
The freeze was a side effect of Chevron’s decades-long legal wrangling with indigenous groups in Ecuador.
The champagne must be flowing in Chevron’s legal department, as it scored a second victory over a legal thorn-in-the-side. Earlier this year, Chevron resolved litigation in Brazil involving a small oil spill. Production at the field, Frade, has resumed.
At the request of the Ecuadorian plaintiffs, an Argentine judge in November ordered Chevron bank accounts in Argentina to be held in escrow, seeking to enforce a $19 billion award against Chevron in Ecuador.
Chevron is accused of being responsible for environmental damages in Ecuador’s Amazon caused by Texaco. Chevron, which bought Texaco in 2001, contends Texaco cleaned up its share of environmental impact from oil drilling and production years ago in Ecuador’s jungle.
Chevron has never operated in Ecuador and held no assets there, and the plaintiffs had filed similar requests in Brazil and Canada. Chevron has long denied the accusations in Ecuador and has called the judgment fraudulent.
Chevron and Argentina’s YPF had signed a letter of intent to develop Vaca Muerta — “dead cow” in English — late last year, but the freeze had put the project in limbo.
A consultant hired by YPF said last year Vaca Muerta holds nearly 23 million barrels of oil equivalent in reserves. The area covers 7.4 million acres, with YPF holding rights for more than 3 million acres.
Initial results have shown the area to be 70% oil — more lucrative.
YPF has its own convoluted story, however. Argentina seized 51% of the company from Spain’s Repsol SA ES:REP -1.90% last year, with Vaca Muerta a bargaining chip in the wrangling among the state and Repsol
No se como harán pero ésta tiene que tener un precio acorde antes de las elecciones, porquer sinó la opo le va a dar con ésta a full.