Argentina Watch: YPF-Tecpetrol secure pipeline concession

Argentina's energy department has granted YPF and Tecpetrol an oil transport concession for the Loma Campana-Lago Pellegrini pipeline through August 10, 2052.

The NOC and private operator hold 85% and 15%, respectively, of special purpose company Oleoducto Loma Campana Lago Pellegrini which will move crude from the Loma Campana pumping station in Neuquén province, to the pumping station of the Medanito-Allen duct in Lago Pellegrini, Río Negro province.

Oleoductos del Valle will operate and maintain the pipeline.

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Phoenix Global Resources, which is targeting the Vaca Muerta play, reported that a convertible revolving credit facility with Mercuria Energy Netherlands was increased to US$235mn, providing immediate additional funds of US$50mn to support the first phase of the group's 2019 business plan.

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And days after filing a gas export request with the energy department to supply BG Chile, Total Austral submitted another request to ship gas to the Chilean company under Argentina's new framework for dispatching surplus production of the hydrocarbon.

The new request envisions the transport of up to 1Mm3/day (454Mm3 maximum) from the Aguada Pichana Este area in the Neuquén basin through May 1, 2020. BG will pay US$3.895-4.085/MMBTU and allocate the gas to residential, industrial and power consumption.

The contract may be interrupeted to cover domestic demand.