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Argentina to pay Repsol US$5b in compensation
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Spanish energy company Repsol would get US$5 billion in compensation from Argentina for the expropriation last year of the company’s YPF unit and its vast holdings of unconventional oil and gas fields, a person with direct knowledge of the preliminary deal said yesterday.
Under terms of the proposal to be considered today by Repsol’s board, the Spanish company would get the money in Argentine bonds denominated in US dollars. In return, it would drop legal action against Argentina for expropriating Repsol’s controlling stake in YPF in 2012 without payment, said the person, who was not authorized to disclose details and spoke on condition of anonymity.
News of the deal came late on Monday after Repsol executives met in Buenos Aires with government officials from Argentina and Spain and the chief executive of Mexico’s state oil company, Petroleos Mexicanos, which holds a minority stake in YPF.
The deal could pave the way for Pemex to join the exploration of the vast Vaca Muerta oil deposit in Neuquen province, where YPF says 15 teams are already extracting more than 10,000 barrels a day.
The seizure of YPF infuriated Spain and led to harsh criticism of Argentina by the European Union, the US and some Latin American leaders. Argentina had claimed Repsol SA was not investing enough in the South American country’s oil industry — claims vigorously denied by Repsol.
The expropriation of Argentina’s national oil company, which was privatized in the 1990s, was hugely popular among Argentines.
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