Argentina re-nationalises its former state energy company. BUENOS AIRES (Reuters) – Argentina plans to issue a decree setting a higher local oil barrel price to protect the domestic industry from being further decimated by a collapse in global prices and slumping fuel demand due to the coronavirus pandemic, two industry sources told Reuters on Thursday. Search inside Oil. It is though to hold one of the world’s largest reserves of unconventional hydrocarbons.Argentina has typically produced around 500,000 barrels of oil per day, and with a fast ramp-up at Vaca Muerta has reduced reliance on imports. Argentina's oil industry Feed me, Seymour. Argentina is a federal republic in the southern half of South America. Development of Argentina’s Vaca Muerta shale play stalls as Covid-19 pandemic hits investment.A rebound will hinge on various factors, from local business environment reforms to changes in global production chains.Lower oil prices will impede the viability of some hydrocarbons projects and lead to investment cutbacks.Oil exporting countries will battle for market share, but net oil importers could benefit.Investment in shale energy will be firm, but faster growth will be limited by the small scale of the domestic market.Continued retrenchment of subsidies has caused friction with both investors and consumers in the energy sector.The oil giant’s Argentinian subsidiary expects to produce 70,000 barrels of oil/day by the middle of the next decade.Renewed sanctions on Iran will create risks for global oil markets in 2019, but for now prices are firm.Policy reforms to promote the realisation of Argentina's substantial gas production potential are having an impact.The acquisition will mark the Qatari national energy company's first investment in Argentina. Argentina Oil and Gas Market, Size, Share, Outlook 2020 to 2026 is a premium market research report focusing on factors driving and challenging the industry, Market Trends, recent industry developments, Key Players Analysis, market share, size, forecast, segmentation, Business … Low prices are squeezing producers, especially those developing costlier shale reserves.“A criollo barrel is vital and to maintain the price at the pump. Argentina is one of the fastest developing countries in the oil & gas industry globally, gathering increasing attention from producers and international investors. The report also includes valuable information pertaining to the growth of the industry, market dynamics, profit margin, market share assessment, gross revenue, and market estimations for the Argentina oil and gas downstream vertical for the years 2020 to 2026. Vaca Muerta wasn’t cost competitive with the Permian Basin or anywhere else in the United States before the market fell apart,” said an executive at a U.S. energy firm in Argentina.“So why would anyone spend a dime in Vaca Muerta now?”Guillermo Pereyra, secretary general of the Rio Negro, Neuquén and La Pampa Oil and Gas Union around Vaca Muerta, told Reuters most workers have been sent home and production has fallen steeply in April.His union, which has 25,000 workers, will sign an agreement with oil companies on Thursday to guarantee that the 20,500 workers at home would receive at least 60% of their wages in April and May, he said.“The pandemic led us to paralyze the economy, planes and vehicles stopped working, factories closed and demand fell,” he said. On Monday, U.S. crude oil futures CLc1 actually plunged into negative territory. “Refineries began to stock their products. Refiners are not purchasing all the crude that is being produced, and storage space is growing scarce pressuring prices even more.One of the people, a senior industry official with knowledge of government plans, said an announcement around the “criollo” barrel would likely be released next week, to help “put a floor under the steep fall.” He added the official decree was not yet completed.Both sources declined to be named because the plans were still private and under discussion.Argentina is home to the huge Vaca Muerta shale deposit, the size of Belgium. In Argentina, the price of olive oil has dropped some 30% in spite of Argen­tinean olive grow­ers posi­tion­ing them­selves as leader of the region due to the qual­ity of their prod­ucts. Picture taken January 21, 2019.
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Argentina energy analysis, data and forecasts from The EIU to support industry executives' decision-making Pipelines cannot pump more because there is nowhere to put oil.”REUTERS, AUGUST 13, 2020 Restocking at retailers “modest” says Gene Seroka, executive director of the …PortandTerminal.com, August 11, 2020 WASHINGTON – Imports at major U.S. retail container ports during 2020 … Sign up today for exclusive stories, the latest news and our industry infographics free for commercial reuse Your e-mail address is only used to send you our newsletter and information about the activities of PortandTerminal.com.FILE PHOTO: Oil rigs are seen at Vaca Muerta shale oil and gas drilling, in the Patagonian province of Neuquen, Argentina January 21, 2019. Otherwise (refiners) buy crude at $20 and sell it at a pump at $50, which is what it is today,” said the second source, an oil industry executive in Argentina.Argentina’s production ministry, which oversees the energy secretariat, did not respond to requests for comment. Click here to instantly access all the reports, in one place. They are South America’s leading unconventional oil & gas producer, possessing the highest hydrocarbon potential in the region, in tandem with countless att