Argentina watch: YPF fire, Repsol deal, ExxonMobil shale

Bnamericas Published: Tuesday, March 25, 2014

YPF (NYSE: YPF) announced that firefighters extinguished a fire at its Cerro Divisadero crude oil treatment plant in Mendoza, Argentina.

Maintenance work has begun to bring surrounding facilities back online, according to a SEC filing by YPF.

One of YPF's 37 crude treatment plants in Argentina, Cerro Divisadero receives a combined crude production of approximately 9,200b/d, representing 3.8% of YPF's production.


On Wednesday the Argentine senate will put to a vote the bill to ratify the the US$5bn deal with Repsol (Madrid: REP) over the 2012 expropriation of YPF, state news agency Télam reported.

If approved, the bill would then be sent to the lower house for a vote in order to be enacted into law by end-April.

The deal must also be ratified by Repsol's shareholders at their annual meeting in Madrid on Friday.


Exxon Mobil (NYSE: XOM) has drilled 11 wells into the Vaca Muerta shale, Télam reported, citing ExxonMobil Argentina spokesperson Tomas Hess.

"Today our goal is to understand [Vaca Muerta] in order to make a decision. The investments required are high risk and very long-term," the agency quoted Hess as saying.

The super major is carrying out exploration work on four Neuquén province blocks in which it shares rights with American Petrogas and provincial oil and gas firm GyP.

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