Repsol threatens any planned YPF investors (YPF=nationalized Argentine oil)
Source: Financial Times
Repsol of Spain has said it will take legal action against any company that attempts to invest in its forcibly nationalised YPF subsidiary or its assets in move that could scupper attempts by Argentina to attract the capital needed to develop its vast shale gas reserves.
The Spanish oil group, hit last week after Argentina expropriated its YPF subsidiary, has primed lawyers to act against putative investors as Buenos Aires seeks partners to develop its vast shale gas potential, a spokesman confirmed to the Financial Times.
Julio de Vido, Argentina’s planning minister who was placed in charge of YPF last week, has already flown to Brazil to discuss joint energy ventures with Petrobras, and has said he will meet with ExxonMobil and Chevron to discuss their investment in Argentina.
Argentina is estimated to possess the world’s third largest shale gas reserves after the US and China. But it requires billions of dollars to develop the country’s prospects – with $25bn a year for the next 10 years needed alone for the large Vaca Muerta shale discovery made last year, according to Repsol.
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