March 11, 2014
Government defends Apache purchase deal
Leadership of YPF is key for energy self-sufficiency, the cabinet chief told reporters as he defended yesterday’s agreement that involved the purchase of all operations of the US-based oil and gas company Apache by Argentina’s state-run firm.
Addressing media at the Casa Rosada presidential palace, Jorge Capitanich said the US$800-million deal will “evolve into a process of sustained investment” allowing to “duplicate the volume of gas production in some fields,” also benefiting provinces through the reception of royalties.
YPF has as well revealed the sale of 1,240 square kilometres of the Vaca Muerta shale formation, most of it formerly owned by Apache, to Pluspetrol for US$217 million.