26 April 2012 18:41 [Source: ICIS news]
HOUSTON (ICIS)--US refiner ExxonMobil's production in Argentina has not been affected by the recent government take over of oil firm YPF, a company executive said on Thursday.
Argentina’s government announced a decision on 16 April to to expropriate 51% of the shares in YPF, which is majority-owned by Spain-based Repsol. The bill was approved by the Argentine Senate on Thursday.
ExxonMobil’s vice president of investor relations David Rosenthal said the company's drilling activity in Argentina has not been affected by the situation. He said the company’s activity is continuing, and in the first quarter of 2012, it has completed its first two wells.
“We are monitoring events there and we will take all of that into consideration but we are meeting objectives for the year,” said Rosenthal during the company’s first-quarter earnings conference call. “We have a very large acreage position there and look forward to continued profitability.”
Rosenthal also said that ExxonMobil is in constant contact with the appropriate government officials as well as other company partner, just as they would with any country in which they have high drilling and production investments.
ExxonMobil currently performs upstream, downstream and chemical production in Argentina, with interests in the Chihuidos concession and the Aguarague concession. The company began exploration drilling in the Neuquen Basin in 2011, according to its annual report.
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