___Fuertes benefits to oil companies that invest in cow Muerta.Por Decree, entitled to exploit non-conventional hydrocarbons for 35 years.(Ieco-Clarin) _ And be exported without withholding and leaving the dollars abroad. Today YPF signed its agreement with Chevron. For today is expected that expropriated oil company YPF firm details of its relationship with the U.S. Chevron for the joint development of the Vaca Muerta in Neuquén. Yesterday, through a decree published in the Official Gazette, the Government established the important benefits that you will get the foreign firm in the partnership. For example, you can export 20% of oil to get without having to pay any kind of tax or tariffs. It will be the fifth year of the joint project. The Commission to promote the "hydrocarbon investments"--comprised of the Deputy Minister of economy, Axel Kicillof and the planning, Julio De Vido - provided that these rules are valid for all investments exceeding US $1,000 million. If Chevron-YPF, believed that the union involves a disbursement of $1.5 billion from the U.S. company. The Decree yesterday also rethinks the oil concessions in general. If companies have exploration permits in areas with "unconventional" hydrocarbons (like shale gas, shale oil, tight sands, gas tight, tight oil), can apply for an extension of his term of concession and to separate the "non-conventional" area from the rest of the award. They will only need the authorization of the Executive branch. Five experts consulted by Clarin made a unanimous diagnosis: "the decree is made to the measure of Chevron and YPF". The United States has the official guarantee that can take the silver of the country, something that the Government prevents the rest of the companies. "But above all benefits to YPF. It is loose papers in Vaca Muerta. And, thus, get that they extend concessions on non-conventional resources,"explained Jorge Lapeña, former Deputy Secretary of energy. YPF in Vaca Muerta Awards have a "short" term, which is what is called in the energy world when they it are less than 10 years. The new provision of the Executive, YPF access to an extension of the concession for 25 years, and then other additional 10 sites "non-conventional", which are the richest. In addition to Neuquen, there are deposits of this type in the Austral basin and the Gulf of San Jorge (Santa Cruz, where YPF already obtained an extension of 25 years). Daniel Montamat, former Energy Secretary, warns that a company can have a concession with a maturity in the same area where operating another concession with different expiry. "What will happen? The previous granting periods extend? The role that must be played the provinces therein, since they are the new owners of the originating domain is not clear and they must grant or extend rights on the sites under its jurisdiction", it poses. The companies in the sector (Chevron, Exxon, YPF, PAE, Gas Medanito and CGC next to the camera companies producers of hydrocarbons (CEPH) yesterday celebrated the Decree of the Executive power. Although YPF would not confirm if today there will be an announcement, the Chief Executive of Chevron - John Watson - will be in the country. Emilio Apud, also former Secretary of energy, said that YPF "never fulfilled the promised objectives". "The way is is paving to make it look not so grotesque the agreement which is going to be with Chevron which is a company that never fulfilled the promised objectives", since Repsol did transcend the agreement between Chevron and YPF is a "smokescreen". According to the Spaniards, the Argentine Government cast them to replace them by Chevron. "Is that the decree would give some conditions which formed part of the historical claims of the oil industry. "Giving them prior to the apparent signature of the agreement with Chevron will have political repercussions", explained a consultant that is respected in the industry. In a context in which energy imports are record and already more than $6,600 million the Decree refers to a possible shortage. "In the periods that domestic production of hydrocarbons does not reach to meet the internal needs of supply. the subjects included in this promotional scheme"will have access to"a price not less than the export price of reference", without deductions. "It is something very limited, it is not a law. It is a small valve that not clear doubts that the world has about the Argentina ", said Lapeña. "Tries to create some incentives to investment, but does not change the energy film that led us to this situation of divestment, loss of self-sufficiency and increasing imports," marked Montamat. 16 JUL 2013 Source Ieco (Clarín) ieco.clarin/empresas/Fuertes-petroleras-inviertan-Vaca-Muerta_0_956904426.html (Translated by Bing) *****************************************************************
Posted on: Tue, 16 Jul 2013 08:25:31 +0000
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