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YPF buys Apache's business in Argentina

Staff writer |
Argentina's YPF agreed to pay 852 million dollars for all of Apache operations and assets in the country, making the government managed company the largest operator of natural gas.

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YPF also announced it had sold Pluspetrol exploration and production rights over 1,240 square kilometers at the Vaca Muerte shale deposits area for 217 million dollars.

Under contract terms, YPF makes a down payment of 50 million dollars and the rest is delivered in 30 days. Houston based Apache Corporation has interests in the provinces of Neuquen, Rio Negro and Tierra del Fuego, which as of now come under YPF.

Apache has a daily production of 46.800boe and proven reserves of 135 million boe, a staff of 350 and an important infrastructure. For YPF this means a 14% increase of its hydrocarbons reserves and a 15% increase in natural gas production. Particularly interesting is the Medanito light oil, excellent for refineries, and the fact that YPF can now return to the Austral basin.

The other YPF operation with Pluspetrol is the result of acquiring the Apache assets, some of which are linked to the Argentine private company. Under the agreement with Pluspetrol, YPF sells exploration and production rights over 1.240 square kilometers in the Vaca Muerta area for the price of 217 million dollars.

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