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During contract re-negotiations with provincial authorities, YPF's concessions in Chubut were extended until 2047, according to a statement from the Argentine NOC.
The renegotiated concessions comply with the 2012 hydrocarbons law, which increased royalty payments three percentage points and granted provinces more authority over their natural resources.
The deal now must be ratified by the provincial legislature.
YPF COMMITMENT
To increase production, YPF committed to maintain six drill rigs and 12 completion and repair rigs operating on the Campamento Central - Cañadón Perdido, Escalante - El Trébol, Manantiales Behr, Restinga Alí and Sarmiento blocks in Chubut between 2014 and 2018 and invest US$1.0bn between 2018-2028.
The new contracts have YPF paying a fee of US$30mn to the province and handing over 5% of its exploration and production rights to the El Tordilo, Puesto Quiroga and La Tapera blocks to provincial oil company Petrominera, according to state news agency Telam.
CHUBUT TIMELINE
Tecpetrol was the first to renegotiate contracts under the new hydrocarbons law. License extensions with China'sSinopec, Chile's Enap Sipetrol and Argentine firm Capsa will be signed shortly, according to Chubut governor Martín Buzzi.
Although talks with Pan American Energy (PAE) , the province's largest producer, began during Tecpetrol's negotiations, an agreement has yet to be reached. Earlier this month the province's hydrocarbons minister Ezequiel Cufré said that a deal with PAE and YPF would be reached by end-2013, although the YPF agreement would take precedent.
YPF PRODUCTION RECORD
YPF has reached the highest production levels seen in Chubut in the past 24 years, according to CEO MiguelGaluccio.
In November, YPF produced an average of 174,185m3/d of oil and 16,741m3/d of gas in Chubut, compared to 150,499m3/d of oil and 15,385m3/d of gas in the same month of 2012, according to the latest energy ministry data.
Added information:
The governor of Chubut, Buzzi Marttin signed an agreement with the owner of YPF, Miguel Galuccio to extend the hydrocarbon concessions that the company has in the province until 2047 . YPF undertook heavy investments to increase the production of gas and oil.
The ceremony was held at the House of the province of Chubut in the City of Buenos Aires and was attended by Chief of Cabinet , Jorge Capitanich , the governor of that province, Martín Buzzi, president and CEO of YPF, Miguel Galuccio and provincial authorities.
With sustained activity of 6 teams and 12 teams drilling completion and workover for the period 2014 to 2018, this agreement will allow YPF continue increasing production levels of oil and gas areas in the Central Camp – Cañadón Lost Escalante – Clover , Behr Springs , Restinga Ali and Sarmiento, the company operates in Chubut.
In addition , YPF undertook drilling 20 exploratory wells, the increased activity of the last 20 years.
In addition , YPF undertook drilling 20 exploratory wells, the increased activity of the last 20 years.
“The new dynamics of YPF national sense allowed us to reach some agreements necessary to sign the adequacy of the company’s contract to the hydrocarbons law with the province of Chubut, where we achieved record production levels not seen since the last 24 years, ” said Galuccio .
Meanwhile, the province of Chubut and municipalities will benefit from the accession of YPF to new Hydrocarbons Law of the Province , which represents significant revenue through the ” Bono Historical Reparation ” and ” Bonus Compensation hydrocarbons for Sustainable Development. “
The agreement signed with the province of Chubut ensures greater predictability horizon for investment and activity, sustaining the jobs , and benefits to the cities of Cuenca and for workers.
It is the expression of YPF work done in each of the provinces where it operates, in order to continue increasing levels of oil and gas having today.
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