15 July 2013 22:37 [Source: ICIS news]
According to a decree published in the government’s official daily gazette,
The initiative also aims to reduce the controls that have restricted how many US dollars can leave the country by allowing those companies access to 100% of foreign exchange earnings from such exports.
The announcement comes a day before Argentine state energy company Yacimientos Petroliferos Fiscales (YPF) is expected to sign off a $1.5bn deal with US oil major Chevron to develop part of the vast Vaca Muerta shale fields in western
The government has made clear its intentions to overturn dwindling energy production, reduce imports and become energy independent.
The country became a net importer of energy for the first time in 2011, according to the country’s Energy Secretariat.
However, potential partners have been deterred by heavy-handed regulation, severe currency controls and an inflation rate that currently stands at around 10.5%.
The fallout from
However, YPF has managed to strike some deals to develop shale prospects in
In addition to the Chevron deal, ExxonMobil plans to spend $250m to study formations in Vaca Muerta, while Dow Chemical signed a memorandum of understanding with YPF for the development of the El Orejano field.
According to reports,
($1 = €0.77)
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